Steady trend was seen on the local currency market on Thursday as the rupee retained the overnight levels in process of trading, experts said. On the interbank market the rupee held the overnight levels against dollar for buying at 83.85 and selling at 83.89, they said.
It is expected that the rupee may move both ways in the near future, they said. During the fourth Asian session dollar was on the defensive while commodity currencies like the Australian dollar held broad gains on a pick up in risk appetite and growing speculation that China may soon move to re-value its currency.
A slew of Chinese data are due shortly, including first-quarter gross domestic product, March industrial output, retail sales and urban investments. Sources have indicated China's economy grew about 11.9 percent in the first quarter, a strong number, and likely to underpin the Aussie. Additionally, offshore dollar/yuan forwards mostly fell to imply more yuan appreciation in late trade on Thursday as China posted surprisingly brisk growth in the first quarter but softer inflation figures helped to temper concerns over imminent policy tightening. The three-month dollar/yuan non-deliverable forwards (NDFs) fell briefly to an intraday low of 6.7400 bid in late trade from Wednesday's close of 6.7580, implying 1.28 percent yuan appreciation in three months, up from 1.01 percent implied at Wednesday's close.
Malaysian ringgit - a proxy for the yuan - gained after Chinese data reinforced views that the country's growth was accelerating and Beijing may soon to re-value its currency. The Taiwan dollar rose to a 19-month intraday high, continuing its string of gains along with other Asian currencies amid optimism for economic recovery following China's strong growth data. Bangladesh, interbank buying and selling rates for taka against dollar at 69.2510 and 69.2580, (previous 69.25/69.26).
OPEN MARKET RATES: The rupee did not show any change versus dollar for buying at 83.80 and selling at 84.00, dealers said. The rupee picked up 55 paisa against euro for buying and selling at Rs 113.10 and Rs 113.60, they added.
==============================
Buying Rs 83.85
Selling Rs 83.89
==============================
Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday.
==============================
Buying Rs 83.80
Selling Rs 84.00
==============================
=================================================================
Repo Rates (Yield p a)
-----------------------------------------------------------------
Tenor Low Bid High Bid Low Offer High Offer Average
=================================================================
Overnight 12.20 12.40 12.25 12.40 12.31
1-Week 11.40 12.10 12.05 12.15 11.93
2-Week 11.45 12.05 12.00 12.10 11.90
1-Month 11.50 12.00 12.00 12.10 11.90
2-Months 11.70 12.00 12.05 12.10 11.96
3-Months 11.80 12.05 12.05 12.10 12.00
4-Months 11.85 12.05 12.10 12.15 12.04
5-Months 11.85 12.10 12.10 12.15 12.05
6-Months 11.85 12.10 12.05 12.15 12.04
9-Months 11.95 12.15 12.15 12.20 12.11
1-Year 12.00 12.20 12.20 12.25 12.16
=================================================================
Call Rates (Yield p a)
-----------------------------------------------------------------
Tenor Low Bid High Bid Low Offer High Offer Average
=================================================================
Overnight 12.20 12.40 12.25 12.40 12.31
1-Week 11.60 12.15 12.10 12.25 12.03
2-Week 11.75 12.10 12.05 12.15 12.01
1-Month 11.80 12.10 12.05 12.15 12.03
2-Months 11.90 12.10 12.10 12.15 12.06
3-Months 12.00 12.15 12.15 12.20 12.13
4-Months 12.00 12.20 12.15 12.25 12.15
5-Months 12.00 12.25 12.15 12.30 12.18
6-Months 12.00 12.25 12.15 12.30 12.18
9-Months 12.10 12.25 12.20 12.30 12.21
1-Year 12.15 12.30 12.25 12.40 12.28
=================================================================
RUPEE IN LAHORE: The Pak rupee showed stability and stayed unchanged for the second day in relation to the greenback in the local currency market on Thursday.
According to the moneychangers, there was no change in dollar's demand and supply situation that helped rupee stability in the open market. The dollar resumed trading at overnight closing of Rs 84.00 and Rs 84.20, as its buying and selling rates, respectively. The dollar, during the day's trading witnessed fractional change in its rates but finally closed at the opening levels, the dealers said.
However, the rupee remained under pressure and further depreciated against the pound sterling. The pound's buying and selling rates were improved from Wednesday closing of Rs 128.00 and Rs 128.70 to Rs 128.30 and Rs 129.30, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained firm against the rupee at the open currency markets of Islamabad and Rawalpindi here on Thursday.
The dollar opened at Rs 84.00 (buying) and Rs 84.10 (selling) against the last rate. It did not observe further change in the last trading hour and closed at Rs 84.00 (buying) and Rs 84.10 (selling).
Pound Sterling opened at Rs 125.90 (buying) and Rs 126.90 (selling) against the last rate. It did not observe further change in the second session and closed at Rs 125.90 (buying) and Rs 126.90 (selling).
Pound Sterling opened at Rs 125.90 (buying) and Rs 126.90 (selling) against the last rate. It did not observe further change in the last trading hours and closed at Rs 125.90 (buying) and Rs 126.90 (selling).
Comments
Comments are closed.