The rupee moved slightly against dollar and euro in the open and interbank markets on Tuesday, dealers said. In the open market, the rupee firmly held its overnight levels against dollar for buying and selling at Rs 60.70 and Rs 60.75 due to easy supply of the US currency, they said.
One factor which is playing a vital role in firmness of the rupee versus dollar, is the State Bank of Pakistan's (SBP) firm stance to keep the rupee at the present level despite the repeated insistences of the textile sector to devalue the rupee, money experts said.
The textile sector, it is said, has the only solution to increase their exports of textile items or enable them to face world competition through the devaluation of the rupee versus dollar, they said. In the annual report of the State Bank of Pakistan (SBP), there is no indication of any depreciation of the rupee as the local currency has already depreciated by 1.14 percent during the first quarter of the current fiscal year.
In the meantime, the rupee has resisted the visible fall in its value against dollar due to high inflows of the US currency in shape of the remittance by the overseas Pakistanis, they said.
In the Asian market, in the second session, dollar hovered near record lows against euro and a basket of major currencies on expectations the Federal Reserve will lower interest rates this week and possibly again later this year.
The Fed is widely seen cutting rates by a quarter point to 4.5 percent on Wednesday to prevent the US economy from sustaining broader damage from deterioration in the housing sector.

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Open Buying             Rs 60.70
Open Selling            Rs 60.75
================================

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Buying                Rs 60.69
Selling               Rs 60.70
==============================
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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     9.55       9.70      9.60        9.75          9.65
1-Week        9.45       9.60      9.60        9.70          9.59
2-Weeks       9.35       9.50      9.45        9.60          9.48
1-Month       9.30       9.40      9.45        9.50          9.40
2-Months      9.30       9.45      9.35        9.50          9.40
3-Months      9.25       9.45      9.35        9.50          9.39
4-Months      9.30       9.45      9.35        9.50          9.40
5-Months      9.30       9.45      9.35        9.55          9.41
6-Months      9.30       9.50      9.35        9.55          9.43
9-Months      9.35       9.50      9.40        9.55          9.45
1-Year        9.35       9.50      9.40        9.60          9.46
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Call Rates (Yield p a)
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Tenor      Low Bid   High Bid   Low Offer   High Offer    Average
=================================================================
Overnight    9.60       9.75       9.65        9.80          9.70
1-Week       9.50       9.75       9.70        9.80          9.69
2-Weeks      9.55       9.75       9.65        9.80          9.69
1-Month      9.45       9.75       9.55        9.80          9.64
2-Months     9.45       9.75       9.55        9.80          9.64
3-Months     9.45       9.75       9.50        9.80          9.63
4-Months     9.50       9.75       9.60        9.80          9.66
5-Months     9.50       9.90       9.65        9.90          9.74
6-Months     9.60      10.00       9.75       10.10          9.86
9-Months     9.75      10.10      10.00       10.25         10.03
1-Year       9.90      10.25      10.10       10.40         10.16
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