More recoveries were seen in the interbank market on Friday as the rupee extended its gains versus the dollar, picking up four paisa on buying side at 59.43 and gaining five paisa on the selling side at 59.47, respectively. The currency market will remain closed on Saturday to observe birth day of Quaid-e-Azam Mohammad Ali Jinnah, dealers said.
According to market reports exporters started selling their dollar holdings, as they feared further slide in the dollar's value in the coming days.
Many importers reportedly were on the sidelines seeing falling value of the dollar.
In the world markets, the dollar held near a record low against the euro after the currency succumbed the previous day to weak US economic data including disappointing housing figures.
The rupee gained slightly by five paisa in terms of the euro for buying and selling at Rs 79.90 and Rs 80.20.
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Kerb Buying Rs 59.80
Kerb Selling Rs 59.95
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Buying Rs 59.43
Selling Rs 59.47
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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 0.75 1.00 1.00 1.25 1.00
1-Week 1.75 2.00 2.25 2.50 2.13
2-Week 4.00 4.25 4.50 4.75 4.38
1-Month 3.50 3.75 4.00 4.25 3.88
2-Months 3.65 3.80 4.00 4.25 3.93
3-Months 3.75 4.15 4.00 4.25 4.04
4-Months 4.00 4.25 4.50 4.75 4.38
5-Months 4.25 4.50 4.75 5.00 4.63
6-Months 4.75 5.00 5.25 5.50 5.13
9-Months 5.00 5.25 5.50 5.75 5.38
1-Year 5.25 5.50 5.75 6.00 5.63
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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 1.00 1.75 1.50 2.00 1.56
1-Week 2.50 2.75 3.75 4.25 3.31
2-Week 4.25 4.50 4.75 5.00 4.63
1-Month 4.00 4.25 4.50 4.75 4.38
2-Month 4.15 4.20 4.50 4.75 4.40
3-Month 4.25 4.50 4.75 5.00 4.63
4-Month 4.50 4.75 5.00 5.25 4.88
5-Month 4.75 5.00 5.25 5.75 5.19
6-Month 5.25 5.50 5.75 6.00 5.63
9-Month 5.75 6.00 6.25 6.50 6.13
1-Year 5.75 6.00 6.25 6.50 6.13
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There was no change in demand and supply situation, which provided stability to the local currency. The dollar resumed trading at Thursday's closing rates of Rs 59.85 and Rs 59.95 on buying and selling counters, respectively. The greenback witnessed fractional change of one-two paisa in its worth during the day's trading but finally closed at the opening levels, the currency dealers added.
Likewise, the local currency maintained its overnight closing levels against the pound sterling. The pound was purchased and sold at Rs 114.80 and Rs 115.40, respectively, dealers said.
The dollar opened at Rs 59.70 (buying) and Rs 59.80 (selling) against last rate of Rs 59.90 (buying) and Rs 60.00 (selling). It did not observe any further change in the evening session and closed at Rs 59.70 (buying) and Rs 59.80 (selling).
Pound sterling opened at Rs 114.50 (buying) and Rs 114.70 (selling) against last rate of Rs 115 (buying) and Rs 115.20 (selling). It did not observe any further change in the evening session and closed at Rs 114.50 (buying) and Rs 114.70 (selling).