The rupee on Thursday showed slight weakness versus the dollar in the interbank market for buying and selling at 59.48 and 59.52. According to the market sources, corporate demand for oil payments was higher during the last couple of days, which kept the rupee under pressure but expectedly the supplies will be back to normal and ease pressure over the rupee. There were expectations that the rupee should remain steady in the coming weeks, as the dollar supplies were sufficient to meet the demand, they added.
Due to year-end payments, the currency market might be tight over the next two days due to some outflows.
Supplies would improve as dollar inflows from overseas Pakistanis might show further increase ahead of the Eid-ul-Azha, experts said and added that inflows in the next two months should remain healthy, as exports are traditionally higher in January and February.
But, in the long-run, the rupee's strength would depend on the State Bank of Pakistan's (SBP) presence in the market.
In the world markets, the dollar maintained its firmness versus the leading currencies, they added.
The euro, however, failed to sustain its gain, dropping 20 paisa for buying and selling at Rs 80.60 and Rs 80.90 on falling value of the single European currency in the world markets, they added.
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Kerb Buying Rs 59.65
Kerb Selling Rs 59.75
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Buying Rs 59.48
Selling Rs 59.52
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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 0.50 1.25 1.00 1.50 1.06
1-Week 3.25 3.50 3.50 3.75 3.50
2-Week 3.50 3.75 4.00 4.25 3.88
1-Month 3.50 3.75 4.00 4.25 3.88
2-Months 3.55 3.80 4.25 4.50 4.03
3-Months 3.75 4.00 4.25 4.50 4.13
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 6.25 5.69
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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 0.75 1.50 1.25 2.00 1.38
1-Week 3.75 4.00 4.25 4.50 4.13
2-Week 3.75 4.00 4.25 4.50 4.13
1-Month 4.00 4.25 4.50 4.75 4.38
2-Month 4.00 4.25 4.50 4.75 4.38
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 5.50 5.75 6.00 6.25 5.88
1-Year 5.50 5.75 6.00 6.25 5.88
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According to the currency dealers, the dollar remained under pressure and further lost its worth in the absence of fresh buyers. The dollar resumed trading at Rs 59.55 and Rs 59.65 as its buying and selling rates, respectively. However, the dollar could not resist declining trend and ended at Rs 59.50 and Rs 59.60 on buying and selling counters, respectively, as compared to Rs 59.65 and Rs 59.75 of Wednesday, the dealers added. However, some of the dealers have quoted selling rate of the greenback as Rs 59.65.
Similarly, the local currency maintained upward move and registered fresh gain against the pound sterling. The pound was purchased at Rs 114.30 and was sold at Rs 115.00 as compared to Rs 114.75 and Rs 115.30 of Wednesday, the dealers added.
The dollar opened at Rs 57.70 (buying) and Rs 57.80 (selling) against the same last rate. It did not observe any further change in the last trading hours and closed at Rs 57.70 (buying) and Rs 57.80 (selling).
Pound sterling opened at Rs 114.50 (buying) and Rs 114.60 (selling) against the same overnight value. It did not observe any further change in the evening session and closed at Rs 114.50 (buying) and Rs 114.60 (selling).