Mixed pattern was seen on the currency market on Thursday in process of trading, dealers said. The rupee maintained its surge versus dollar, gaining more 10 paisa for buying and selling at 85.60 and 85.65, they said. In the fourth Asian trade dollar held near a 10-month low on euro and a 28-year low on the Australian dollar while edging back towards a record low on the yen after a Federal Reserve decision to buy more US government debt.
INTERBANK MARKET RATES: The market concluded that the Fed's decision to buy $600 billion more in Treasuries by the middle of next year was in line with expectations, spelling more dollar supply that would be likely to weigh it down further. The Fed's commitment to open-ended purchases of Treasuries, implying low funding costs for a while, also plays into carry trades, in which the dollar is used to fund purchases in commodities, emerging markets and higher-yielding currencies. As a result, dollar remained close to a 28-year low hit against the higher-yielding Australian dollar after the Fed decision and not far off a 10-month trough against euro at $1.4200.
Spot yuan ended up on dollar on Thursday as the People's Bank of China fixed a stronger mid-point after the Federal Reserve's latest easing weakened the dollar globally, paving the way for a new round of yuan appreciation.
But the PBOC's reference rate, from which the yuan can rise or fall 0.5 percent in a day, strengthened much less than the dollar's weakening as the Chinese central bank appeared to be leaving some room for yuan to appreciate in the future.
OPEN MARKET RATES: The rupee shed five paisa at 85.55 against dollar for buying while it sustained its level for selling at 85.70, they said. The rupee extended it's slide in relation to euro, losing 87 paisa for buying and selling at Rs 120.37 and Rs 120.87, they added.
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Open Buying Rs 85.55
Open Selling Rs.85.70
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday.
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Buying Rs.85.60
Selling Rs.85.65
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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 11.00 12.75 11.25 13.25 12.06
1-Week 10.95 11.90 12.00 12.10 11.74
2-Week 11.20 12.15 12.15 12.25 11.94
1-Month 11.75 12.25 12.30 12.40 12.18
2-Months 12.20 12.50 12.45 12.60 12.44
3-Months 12.45 12.80 12.65 12.90 12.70
4-Months 12.50 12.80 12.75 12.90 12.74
5-Months 12.60 12.90 12.85 13.00 12.84
6-Months 12.70 12.90 12.80 13.00 12.85
9-Months 12.70 13.00 12.95 13.10 12.94
1-Year 12.80 13.00 13.00 13.15 12.99
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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 11.25 12.75 11.50 13.25 12.19
1-Week 11.50 12.10 12.15 12.25 12.00
2-Week 11.85 12.25 12.25 12.35 12.18
1-Month 12.00 12.30 12.40 12.50 12.30
2-Months 12.40 12.90 12.75 13.00 12.76
3-Months 12.50 13.10 12.90 13.25 12.94
4-Months 12.60 13.15 13.00 13.25 13.00
5-Months 12.70 13.20 13.10 13.30 13.08
6-Months 12.80 13.25 12.90 13.35 13.08
9-Months 12.90 13.30 13.10 13.40 13.18
1-Year 13.10 13.40 13.20 13.45 13.29
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RUPEE IN LAHORE: The Pak rupee maintained day earlier position and remained unchanged against the dollar in the local currency market on Thursday.
According to the currency dealers, the dollar resumed trading at its overnight closing level of Rs 85.50 and Rs 85.70, as its buying and selling rates. The dollar witnessed no visible change in its worth and finally ended at the opening levels, the dealers said.
On the contrary, the Pak rupee remained under pressure and lost 50-paisa against the pound sterling on buying side, while it remained unchanged on the selling side. The pound was purchased and sold at Rs 137.00 and Rs 137.50, as compared to last day closing of Rs 136.50 and Rs 137.50, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee showed an improvement of 80-paisa against the dollar at the open currency markets of Islamabad and Rawalpindi here on Thursday.
The dollar resumed trading at Rs 85.40 (buying) and Rs 85.50 (selling) against the rate of Rs 86.20 (buying) and Rs 86.30 (selling). It did not observe further change in the evening session and closed at Rs 85.40 (buying) and Rs 85.50 (selling).
Pound Sterling opened at Rs 136.00 (buying) and Rs 136.20 (selling) in the morning session. It did not observe further change in the last trading hours and closed at Rs 136.00 (buying) and Rs 136.20 (selling).
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