Sharp rise was seen in the value of the rupee in the open market on Monday, gaining 20 paisa on the buying side at Rs 59.60 and picking up 15 paisa on the selling side at Rs 59.70 on better supply of the US currency in the interbank market, respectively. The rupee also gained 30 paisa in relation to the euro for buying and selling at Rs 77.75 and Rs 78.05, respectively. Slight improvement in the dollars' supply as a result of rising remittances, increased selling of export proceeds and lack of buying interest by the importers boosted the rupee's value, money experts said.
They were also of the opinion that the rupee might show steadier trend in terms of the US currency, in the near future.
In the world markets, the dollars struggled hard to maintain its present levels versus the major currency, but several overseas dealers were of the view that the dollar might not continue its firmness on speculations that the Europe was pushing for stronger Asian currencies.
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Kerb Buying Rs 59.60
Kerb Selling Rs 59.70
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Buying Rs 59.48
Selling Rs 59.50
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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 6.75 7.40 7.00 7.40 7.14
1-Week 5.75 6.00 6.25 7.00 6.25
2-Week 4.75 5.00 5.25 5.50 5.13
1-Month 4.25 4.50 4.75 4.90 4.60
2-Months 4.00 4.25 4.25 4.50 4.25
3-Months 4.60 5.10 5.00 5.50 5.05
4-Months 4.75 5.20 5.00 5.50 5.11
5-Months 4.80 5.20 5.25 5.60 5.21
6-Months 4.90 5.10 5.50 5.70 5.30
9-Months 5.00 5.25 5.70 5.90 5.46
1-Year 5.50 5.75 6.00 6.25 5.88
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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 7.40 7.75 7.40 7.50 7.51
1-Week 7.25 7.50 7.50 7.75 7.50
2-Week 5.00 5.25 5.50 5.75 5.38
1-Month 5.00 5.50 5.75 6.00 5.56
2-Month 5.20 5.40 5.75 5.90 5.56
3-Month 5.50 5.75 5.25 6.50 6.00
4-Month 5.60 5.80 6.00 6.30 5.93
5-Month 5.75 6.00 6.25 6.50 6.13
6-Month 6.00 6.50 6.75 7.00 6.56
9-Month 5.80 6.10 6.50 6.75 6.29
1-Year 6.25 6.50 6.75 7.00 6.63
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According to the currency dealers, the dollar resumed trading at Rs 59.65 and Rs 59.75 as its buying and selling rates, respectively. However, the greenback could not sustain and started declining mainly on account of selling pressure. At the end of trading, the dollar closed at Rs 59.60 and Rs 59.70 on buying and selling sides, respectively, as against Rs 59.70 and Rs 59.80 of Saturday, the dealers added.
Similarly, the local currency continued previous week's rising tempo and registered more gains against the pound sterling. The pound's buying rate declined from Saturday's closing rate of Rs 111.35 to Rs 110.50, while selling rate moved down from Rs 111.65 to Rs 111.00.
Moreover, heavy rush of customers was seen in the local kerb market. The overseas Pakistanis who come here to celebrate Eid with their kith and kins were seen busy in exchanging foreign currencies including the British pound, Saudi Riyal and UAE Dirham, the dealers added.
The dollar opened at Rs 59.60 (buying) and Rs 59.70 (selling) against same last week's rate. Ever-favourite greenback did not observe any further change in the last trading hours and closed at Rs 59.60 (buying) and Rs 59.70 (selling).
Pound sterling opened at Rs 111.50 (buying) and Rs 111.70 (selling) against same last Saturday's rate. It did not observe fluctuation in the second spell and closed at Rs 111.50 (buying) and Rs 111.70 (selling).