Rupee's appreciation versus the dollar persisted in the currency market on Friday owing to significant supply of the US currency, Syed Nabeel Iqbal, the Marketing Manager of the Khanani and Kalia International said.
The fall in the dollar's value was expected as a result of rise in the dollars' supply in the market, it's a seasonal rise.
It happens every year as overseas Pakistanis send foreign exchange to their relatives for Eid celebrations, this factor dragged down the dollar versus the rupee.
Additionally, inflows were up as donors sending aid in shape of foreign exchange was another negative factor for the dollar, market players said.
With the passage of time, dollars' supply will start drying up and so the rupee will begin shedding its gains, they said.
In the overseas markets, the dollar shed its value against the yen ahead of the growth data shortly, while the euro maintained its firmness on expectations of rise in the interest rate in the coming days, dealers said.
The rupee also picked up 10 paisa versus the euro for buying and selling at Rs 71.90 and Rs 72.00, they said.
In the interbank market, the rupee gained one paisa for buying at 59.70 and picked up two paisa on selling side at 59.71 in the process of trading, dealers said.
================================
Kerb Buying Rs 59.85
Kerb Selling Rs 59.90
================================
================================
==============================
Buying Rs 59.70
Selling Rs 59.71
==============================
=================================================================
Repo Rates (Yield p a)
-----------------------------------------------------------------
Tenor Low Bid High Bid Low Offer High Offer Average
=================================================================
Overnight 8.90 8.95 8.90 8.95 8.93
1-Week 8.50 8.90 8.90 8.95 8.81
2-Week 8.40 8.50 8.55 8.65 8.53
1-Month 8.40 8.50 8.50 8.60 8.50
2-Months 8.35 8.45 8.55 8.60 8.49
3-Months 8.35 8.45 8.45 8.60 8.46
4-Months 8.35 8.50 8.50 8.70 8.51
5-Months 8.40 8.50 8.50 8.70 8.53
6-Months 8.40 8.50 8.50 8.70 8.53
9-Months 8.45 8.65 8.60 8.75 8.61
1-Year 8.50 8.60 8.75 8.85 8.68
=================================================================
Call Rates (Yield p a)
-----------------------------------------------------------------
Tenor Low Bid High Bid Low Offer High Offer Average
=================================================================
Overnight 9.00 10.00 9.50 10.50 9.75
1-Week 8.90 9.25 9.50 10.00 9.41
2-Week 8.75 9.25 9.50 10.00 9.38
1-Month 8.75 9.00 9.25 9.50 9.13
2-Months 8.60 9.25 9.25 9.75 9.21
3-Months 8.75 9.50 9.00 9.90 9.29
4-Months 8.75 9.50 9.00 10.00 9.31
5-Months 8.80 9.60 9.25 10.00 9.41
6-Months 8.75 9.75 9.15 10.00 9.41
9-Months 8.80 9.75 9.35 10.00 9.48
1-Year 9.10 10.00 9.70 10.20 9.75
=================================================================
According to the currency dealers, the dollar remained under selling pressure, which helped the local currency improve its value. The dollar's trading commenced at Rs 59.80 and Rs 59.90 as its buying and selling rates, respectively. However, the dollar could not sustain and moved down to Rs 59.75 and Rs 59.85 on buying and selling counters respectively, against Rs 59.85 and Rs 59.95 of Thursday, the dealers added.
However, the local currency showed stability and remained unchanged against the pound sterling. The British pound was traded at Rs 105.60 and Rs 105.90 on buying and selling sides, respectively, the dealers added.
The dollar opened at Rs 59.90 (buying) and Rs 60 (selling) against same previous rate. It did not observe any further change in the second spell and closed at Rs 59.90 (buying) and Rs 60 (selling).
Pound sterling opened at Rs 105.30 (buying) and Rs 106 (selling) against same previous rate. It did not observe any further change in the evening session and closed at Rs 105.30 (buying) and Rs 106 (selling).