Rising demand for dollar kept the rupee under pressure in the interbank market on Friday as the rupee lost three paisa more against the dollar for buying and selling at 60.35 and 60.37, respectively. The rupee is facing hard days as a result of the increasing demand for dollar as the importers are buying dollars in the big way to meet the import bills, currency analysts said.
According to the State Bank of Pakistan (SBP) weekly statement, the higher demand for dollars, pulled the foreign exchange reserves down by 34 million dollar to 12.745 billion dollars last week.
Now, the euro has started riding over the expectations of increase in the interest rates while the dollars showed firmness in the world markets, they said.
OPEN MARKET RATES: The rupee extended its gains versus the dollar for buying and selling at 60.38 and 60.43, dealers said. The rupee also picked up nine paisa against the euro for buying and selling at 60.38 and 60.43, they said.
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Buying Rs 60.38
Selling Rs 60.43
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Buying Rs 60.35
Selling Rs 60.37
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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 8.50 9.40 9.00 9.40 9.08
1-Week 8.25 8.50 8.60 8.75 8.53
2-Weeks 8.40 8.60 8.50 8.75 8.56
1-Month 8.50 8.60 8.55 8.80 8.61
2-Months 8.50 8.65 8.75 8.90 8.70
3-Months 8.50 8.75 8.85 9.00 8.78
4-Months 8.55 8.85 8.75 9.00 8.79
5-Months 8.60 9.00 8.80 9.10 8.88
6-Months 8.70 9.00 8.90 9.25 8.96
9-Months 8.80 9.00 9.00 9.25 9.01
1-Year 8.85 9.25 9.10 9.40 9.15
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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 9.40 10.00 9.50 10.25 9.79
1-Week 9.25 9.75 9.50 10.00 9.63
2-Weeks 9.30 9.75 9.60 10.00 9.66
1-Month 9.50 9.75 9.75 10.25 9.81
2-Months 9.60 9.80 9.90 10.25 9.89
3-Months 9.65 10.00 10.20 10.50 10.09
4-Months 9.70 10.00 10.25 10.50 10.11
5-Months 9.75 10.25 10.30 10.75 10.26
6-Months 9.75 10.25 10.35 10.75 10.28
9-Months 10.00 10.30 10.50 11.00 10.45
1-Year 10.20 10.50 11.00 11.25 10.74
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According to the currency dealers, the dollar remained under selling pressure that pushed its value down. The greenback resumed trading at Rs 60.45 and Rs 60.55 as its buying and selling rates, respectively. At the end of trading, the dollar moved down and closed at Rs 60.35 and Rs 60.45 on buying and selling counters, respectively, as against Rs 60.40 and Rs 60.50 of Thursday, the dealers added.
Likewise, the local currency remained strong and recovered its earlier loss against the pound sterling. The pound's buying rate declined from Thursday's closing rate of Rs 113.60 to Rs 112.80, while selling rate went down from Rs 114.00 to Rs 113.20, the dealers added.
The dollar opened at Rs 60.40 (buying) and Rs 60.50 (selling) against same last rate. It did not witness any further change in the evening session and closed at Rs 60.40 (buying) and Rs 60.50 (selling).
Pound sterling opened at opened at Rs 113.40 (buying) and Rs 113.60 (selling) against last rate of Rs 113.80 (buying) and Rs 114 (selling). It did not witness any further change in the evening session and closed at Rs 113.40 (buying) and Rs 113.60 (selling).