Sharp recovery was seen in rupee value versus dollar in the open market on Friday, which picked up 25 paisa for buying at Rs 59.80 and 20 paisa for selling at Rs 59.90 on easy supply of the US currency, dealers said.
As a result of balanced demand and supply of dollars, the difference between the open market and interbank rates narrowed down to 6-8 paisa from 35-40 paisa, they said.
The rupee expanded its gains on significant improvement in the supply of dollars, mostly sent by overseas Pakistanis and partly because of fall in demand by importers after completion of major payments, money experts said.
In the meantime, they said, the rupee may show further fluctuation versus the greenback in the absence of importers' demand and selling of export proceeds.
They said that dollar buying by Haj pilgrims and slight improvement in the remittances kept a balance between demand and supply position.
In the world markets, the dollar was mostly soft versus major currencies as the US inflation data proved tamer than expected, lessening the chance of rate rises beyond January.
The rupee, however, gave up its overnight firmness versus euro, recovering five paisa on the buying side at Rs 70.55 and Rs 70.65.
The factor, which brought the single European currency out from the recent slide was rise in its value in the global markets.
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Kerb Buying Rs 59.80
Kerb Selling Rs 59.90
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Buying Rs 59.82
Selling Rs 59.84
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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 1.50 8.75 2.00 8.90 5.29
1-Week 5.00 8.00 7.00 8.50 7.13
2-Week 7.75 8.50 8.10 8.35 8.18
1-Month 8.05 8.20 8.20 8.35 8.20
2-Months 8.05 8.25 8.25 8.40 8.24
3-Months 8.10 8.30 8.35 8.45 8.30
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 3.00 8.50 4.00 9.25 6.19
1-Week 7.75 8.90 9.00 9.50 8.79
2-Week 8.25 9.00 9.25 9.75 9.06
1-Month 8.25 8.90 9.00 9.75 8.98
2-Months 8.25 8.90 9.00 9.75 8.98
3-Months 8.60 9.25 9.00 9.75 9.15
4-Months 8.75 9.25 9.35 9.50 9.21
5-Months 8.90 9.25 9.25 9.50 9.23
6-Months 9.00 9.25 9.25 9.50 9.25
9-Months 9.00 9.50 9.50 10.00 9.50
1-Year 9.25 10.00 9.75 10.25 9.81
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According to the currency dealers, the dollar remained under selling pressure and lost its value against the local currency. The dollar resumed trading at Rs 59.95 and Rs 60.05 on buying and selling sides, respectively. Due to lacking buying support, the dollar moved down and closed lower at Rs 59.90 and Rs 60.00 on buying and selling counters, respectively, as against 60.00 and Rs 60.10 of Thursday, the dealers added.
Likewise, the local currency remained strong and appreciated its worth against the pound sterling. The British pound was purchased at Rs 103.50 and was sold at Rs 103.90 as compared to Rs 103.65 and Rs 104.00 of Thursday, the dealers added.
The dollar opened at Rs 60.45 (buying) and Rs 60.55 (selling) against same 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 same overnight value. It did not witness any further change by the end of evening session and closed at Rs 106 (buying) and Rs 106.40 (selling).