Declining trend was witnessed on the local currency market on Friday as the rupee drifted lower in relation to the dollar, experts said. On the interbank market the rupee shed 15 paisa against dollar for buying at 84.00 and lost 16 paisa for selling at 84.05, they said.
The foreign exchange reserves improved and despite this positive development, the rupee fell due to strong dollar buying by the importers to meet the payments, they said. The foreign exchange reserves rose to 15.05 billion dollars during the week, the State Bank of Pakistan (SBP) data showed. During the fifth Asian session euro fell on scepticism about Greece servicing its debt, while yen surged as caution about a possible revaluation by China led yen sellers to close short positions ahead of the weekend.
The Australian dollar was hardest hit by yen position closing, while sterling also dropped after a TV debate among prime ministerial candidates in Britain revived market concerns there would be no outright winner in a May 6 election. Reuters add. The Indian rupee weakened on Friday, weighed by a subdued start to the local share market that could prompt foreign fund withdrawals, while gains in the dollar versus majors and other regional peers also dampened sentiment. At 10:25 am (0455 GMT) the partially convertible rupee was at 44.51/52 per dollar, weaker than 44.44/45 at close on Thursday. Malaysian ringgit versus dollar was at 3.2080 and the Chinese yuan was at 6.8262 versus dollar.
OPEN MARKET RATES: The rupee dropped by 15 paisa against dollar, losing 15 paisa for buying at 83.95 and selling at 84.15, dealers said. The rupee, however, gained 30 paisa against euro for buying and selling at Rs 112.80 and Rs 113.30, they added.
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Buying Rs 84.00
Selling Rs 84.05
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
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Buying Rs 83.95
Selling Rs 84.15
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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 12.30 12.40 12.40 12.40 12.38
1-Week 11.40 12.10 12.05 12.15 11.93
2-Week 11.45 12.05 12.05 12.15 11.93
1-Month 11.50 12.00 12.50 12.10 12.03
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
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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 12.30 12.40 12.40 12.40 12.38
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
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RUPEE IN LAHORE: The rupee-dollar parity remained unchanged amid low trading activity at Lahore currency market on Friday. According to dealers, there was no change in dollar buying and selling rates at Rs 84.00 and Rs 84.20, respectively. On the contrary, the rupee remained under pressure against British pound which closed higher at Rs 128.50 and Rs 129.50 on buying and selling sides as compared to Thursday's Rs 128.30 and Rs 129.30 respectively, dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee was up by 30 paisa against dollar at the currency markets of Islamabad and Rawalpindi on Friday.
The dollar opened at Rs 83.70 (buying) and Rs 84 (selling) against last rates of Rs 84 (buying) and Rs 84.10 (selling). It did not observe further change in the last trading hour and closed at Rs 83.70 (buying) and Rs 84 (selling). Pound sterling opened at Rs 127.70 (buying) and Rs 128.70 (selling) against last rates of Rs 125.90 (buying) and Rs 126.90 (selling). It did not observe further change in the second session and closed at Rs 127.70 (buying) and Rs 128.70 (selling)
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