The rupee gave up its overnight weakness against dollar on the interbank market on Thursday, rising five paisa for buying and selling at 78.95 and 79.00, dealers said. Good supply of dollars aided the rupee to recover some ground, but many analysts were of the view that most likely the rupee would come under pressure in the near future as a result of the State Bank of Pakistan (SBP) withdrawal from the furnace oil payments.
Reportedly, the SBP governor has said that the rupee may lose its value by rupees 2 to 3 versus dollar in the coming days. It is very much obvious that when the central bank stop oil payments there will be shortage of dollars and this would be a major factor to push the local currency down, money experts said. During the forth Asian trading dollar dipped against yen, after rising the previous day due to a rally in US shares and after the US Federal Reserve refrained from committing to purchase long-dated Treasuries.
The Fed kept interest rates near zero on Wednesday after a two-day policy meeting, although it said it was prepared to buy long-term Treasury debt if that would help improve credit conditions.
OPEN MARKET RATES: The rupee for the second day held its overnight level against dollar for buying at 79.00 and selling at 79.30, they said. The rupee recovered against euro, gaining Re.one for buying and selling at Rs 103.00 and Rs 105.00, they said.
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Open Buying Rs 79.00
Open Selling Rs 79.30
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Interbank Closing Rates: Interbank Closing Rates For Dollar On Thursday.
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Buying Rs 78.95
Selling Rs 79.00
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Repo Rates (Yield p a)
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Tenor Low Bid High Bid Low Offer High Offer Average
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Overnight 14.00 14.90 14.50 14.90 14.58
1-Week 11.75 12.25 12.00 12.50 12.13
2-Week 11.75 12.10 11.90 12.25 12.00
1-Month 11.75 12.25 12.00 12.50 12.13
2-Months 12.40 12.80 12.75 13.00 12.74
3-Months 13.10 13.40 13.25 13.50 13.31
4-Months 13.25 13.75 13.75 14.00 13.69
5-Months 13.50 13.75 13.75 14.00 13.75
6-Months 13.40 13.65 13.90 14.10 13.76
9-Months 13.90 14.20 14.25 14.50 14.21
1-Year 14.00 14.25 14.30 14.55 14.28
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Call Rates (Yield p a)
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Tenor Low Bid High Bid Low Offer High Offer Average
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Overnight 14.50 15.00 14.90 15.25 14.91
1-Week 13.00 14.50 14.00 15.00 14.13
2-Week 12.50 14.00 13.00 14.25 13.44
1-Month 13.00 14.50 14.00 14.50 14.00
2-Months 14.00 15.00 15.00 15.50 14.88
3-Months 14.50 15.50 15.00 15.75 15.19
4-Months 14.75 15.50 15.25 15.75 15.31
5-Months 15.00 15.75 15.50 16.00 15.56
6-Months 15.00 16.00 15.75 16.50 15.81
9-Months 15.50 16.25 16.00 16.50 16.06
1-Year 16.00 16.50 16.50 17.00 16.50
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RUPEE IN LAHORE: The Pak rupee-dollar parity remained unchanged amid low trading activity in the local currency market on Thursday. According to the moneychangers, there was no change in the dollar's demand and supply situation that helped rupee stability in the open market. The dollar resumed trading at overnight closing of Rs 79.10 and Rs 79.50 as its buying and selling rates, respectively. The dollar witnessed fractional change in its value during the day but finally ended at the opening level, the moneychangers said. Likewise, the rupee showed stability and remained unchanged against the pound sterling. The pound was traded at Wednesday closing of Rs 112.20 and Rs 113.50 on buying and selling sides, respectively.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged at the open currency markets of Islamabad and Rawalpindi on Thursday. The dollar opened Rs 78.50 (buying) and Rs 78.60 (selling) against the last rate. It did not witness further change in the evening session and closed at Rs 78.50 (buying) and Rs 78.60 (selling). Pound Sterling opened at Rs 110.90 (buying) and Rs 112.00 (selling) against the last rate. It did not observe further change in the evening session and closed at Rs 110.90 (buying) and Rs 112.00 (selling).
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