Two-way trading was seen in the currency market on Wednesday as the State Bank of Pakistan (SBP) provided dollars to the banks to meet the importers' demand, dealers said. In the interbank market, the rupee inched up with a gain of one paisa against the dollar for buying and selling at 60.36 and 60.37, respectively.
The dollar maintained its upward trend versus the euro following the weak economic German data and rising expectations about the increase in the US interest rates to limit the inflation, dealers said.
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Buying Rs 60.40
Selling Rs 60.45
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Buying Rs 60.36
Selling Rs 60.38
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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 6.50 8.50 7.00 9.00 7.75
1-Week 8.25 8.60 8.50 8.90 8.56
2-Weeks 8.25 8.75 8.60 8.90 8.63
1-Month 8.50 8.75 8.65 9.00 8.73
2-Months 8.50 8.80 8.75 8.90 8.74
3-Months 8.50 8.85 8.75 9.00 8.78
4-Months 8.60 8.85 8.75 9.00 8.80
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 7.25 9.25 7.75 9.50 8.44
1-Week 8.50 9.25 9.00 9.50 9.06
2-Weeks 8.75 9.25 9.00 9.50 9.13
1-Month 9.25 9.75 9.50 10.00 9.63
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 resumed trading at overnight closing rates of Rs 60.35 and Rs 60.45 on buying and selling counters, respectively. As a result of marginal increase in dollar's demand, its rate moved up and closed at Rs 60.40 and Rs 60.50 on buying and selling sides, respectively, the dealers added.
Similarly, the local currency remained under pressure and lost its worth against the pound sterling. The British pound was purchased at Rs 113.70 and was sold at Rs 114.00 as compared to previous closing of Rs 113.55 and Rs 113.95, 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 same last rate. It did not witness any further change in the evening session and closed at Rs 113.40 (buying) and Rs 113.60 (selling).