Strong supply of dollars raised the rupee's value in the interbank market on Tuesdays, with a gain of five paisa for buying and selling at 59.84 and 59.86, respectively.
Rising trend in the remittances by the overseas Pakistanis on the occasion of Eid-ul-Azha soothe the rupee for the time being which was under pressure due to year-end payments.
Some economists said that the market did not observe any halt in the dollar buying by the corporate sector.
It was an occasional rise in the value of the rupee and the real trend of the market will be known after the Eid-ul-Azha and beginning of the new calendar year 2006, they said.
The rupee also gained 30 paisa against the euro for buying and selling at Rs 71.60 and Rs 71.70 as the single European currency slipped versus the dollar on expectations of strong US economy, dealers said.
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Kerb Buying Rs 60.15
Kerb Selling Rs 60.20
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Buying Rs 59.84
Selling Rs 59.86
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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 8.00 8.60 8.25 8.90 8.44
1-Week 7.50 7.75 8.00 8.25 7.88
2-Week 7.50 7.75 7.75 8.25 7.81
1-Month 8.00 8.25 8.40 8.50 8.29
2-Months 8.10 8.25 8.25 8.40 8.25
3-Months 8.10 8.25 8.30 8.40 8.26
4-Months 8.15 8.30 8.30 8.40 8.29
5-Months 8.20 8.35 8.40 8.50 8.36
6-Months 8.20 8.35 8.40 8.60 8.39
9-Months 8.40 8.50 8.55 8.60 8.51
1-Year 8.50 8.55 8.60 8.70 8.59
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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 8.75 9.50 9.50 10.25 9.50
1-Week 8.90 9.00 9.25 9.50 9.16
2-Week 8.95 9.00 9.00 9.50 9.11
1-Month 9.25 9.75 9.50 10.25 9.69
2-Months 9.00 9.50 9.00 10.00 9.38
3-Months 8.75 9.25 9.25 9.75 9.25
4-Months 8.75 9.25 9.35 9.75 9.28
5-Months 8.90 9.50 9.50 10.00 9.48
6-Months 9.00 9.60 9.50 10.00 9.53
9-Months 9.00 9.75 9.60 10.20 9.64
1-Year 9.25 10.00 9.75 10.25 9.81
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According to the currency dealers, the demand for dollar and its supply remained intact at Monday's closing rates. The dollar resumed trading at Rs 60.10 and Rs 60.20 as its buying and selling rates, respectively. The greenback was traded at the opening rates throughout the day, the dealers said.
On the contrary, the rupee maintained upward trend and further appreciated its worth against the pound sterling. The British pound was purchased at Rs 105.50, and sold at Rs 105.90 as compared to Rs 105.70 and Rs 106.00 of Monday, they added.
The greenback opened at Rs 60.45 (buying) and Rs 60.55 (selling) against the last rate. It did not witness any further change in the evening session, and closed at Rs 60.45 (buying) and Rs 60.55 (selling).
The pound sterling opened at Rs 106 (buying) and Rs 106.40 (selling) against the last rate. It did not observe any further change in the second spell, and closed at Rs 106 (buying) and Rs 106.40 (selling).