The rupee recovered six paisa versus the dollar in the interbank market on Thursday for buying and selling at 59.33 and 59.35, respectively. According to the market sources, the rupee recovered some lost ground versus the dollar on inflows of nearly 10-12 million dollars, dealers said.They were, however, expecting that the rising demand by the corporte clients, may force the rupee to lose its lustre in the coming days.
Currency experts said that due to smooth supply of dollars and continued firmness in the rupee-dollar parity for the last several months, may continue helping the rupee to maintain its firmness in terms of the US currency.
Expectations of further hike in the US interest rates to curb inflation, kept the dollar in the plus column, gaining modest ground versus the major currencies in the in the Asian trading, dealers said.
The rupee lost 10 paisa against the dollar for buying and selling at 59.80 and 59.90 on increasing buying by the banks, dealers said.
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Kerb Buying Rs 59.80
Kerb Selling Rs 59.90
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Buying Rs 59.33
Selling Rs 59.35
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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 4.00 5.00 5.00 6.00 5.00
1-Week 5.00 5.25 5.50 6.00 5.44
2-Week 4.00 4.50 4.75 5.00 3.50
1-Month 4.50 4.75 4.75 5.25 4.81
2-Months 4.60 4.90 5.00 5.50 5.00
3-Months 4.75 5.00 5.00 5.50 5.06
4-Months 4.75 5.25 5.50 5.75 5.31
5-Months 5.00 5.25 5.75 6.25 5.56
6-Months 5.25 5.50 5.75 6.00 5.63
9-Months 5.50 5.80 6.25 6.75 6.08
1-Year 6.00 6.25 6.75 7.00 6.50
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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 6.00 7.50 8.00 9.00 7.63
1-Week 6.00 6.50 7.00 7.50 6.75
2-Week 5.00 5.50 6.00 6.50 5.75
1-Month 4.75 5.00 5.25 5.50 5.13
2-Month 5.00 5.25 5.50 5.75 5.38
3-Month 6.00 6.25 6.50 6.75 6.38
4-Month 6.25 6.50 6.75 7.00 6.63
5-Month 6.30 6.60 6.80 7.10 6.70
6-Month 6.40 6.60 7.00 7.25 6.81
9-Month 6.50 6.75 7.20 7.50 6.99
1-Year 6.60 6.80 7.25 7.50 7.04
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According to the currency dealers, the dollar, after holiday on account of Pakistan Day on Wednesday, resumed trading considerably higher at Rs 59.75 and Rs 59.85 on buying and selling counters, respectively. During the day's trading, the dollar kept rising trend and closed at Rs 59.85 and Rs 59.95 on buying and selling counters respectively, as compared to Rs 59.65 and Rs 59.75 of Tuesday.
There was no seller in the market while demand remained intact which pushed down the worth of local currency. Besides,the crash-like situation in stock business was also one of the reasons that gave boost to the greenback.
The investors, who were earlier engaged in stock business, also appeared to be investing in the local currency market. However, the dollar could take U-turn within next couple of days as moneychangers are expecting greenback's flow into country from Dubai, said Sufia of Shaukat and Shaukat Money Exchange while commenting on the market trend.
On the contrary, the local currency recovered earlier losses and regained its position against the pound sterling. The pound's buying rate further declined from Tuesday's closing of Rs 113.50 to Rs 112.10, while selling rate moved down from Rs 113.70 to Rs 112.60. Due to decline in pound's value, most of the moneychangers have stopped selling in anticipation of its recovery in next few days, Sufia said.
The dollar opened at Rs 59.70 (buying) and Rs 59.80 (selling) against the last rate. It did not observe any further change in the second spell, and closed at Rs 59.70 (buying) and Rs 59.80 (selling).
Pound sterling opened at Rs 113.50 (buying) and Rs 113.60 (selling) against the overnight value. It did not observe any change in the second spell, and closed at Rs 113.50 (buying) and Rs 113.60 (selling).