On the back of intervention by the State Bank of Pakistan, the rupee somehow got rid of the prevailing weakness in the interbank market on Wednesday. The rupee gained 19 paisa for buying and selling at Rs 61.08 and Rs 61.10, against dollar the historical rise in a single day rally, dealers at the Currency Market Association Private Limited said.
The central bank injected approximately 50 million dollars as the rupee was dragged down at Rs 61.32 in the early hours following the excessive buying by the importers, they said. The rupee touched the high level at Rs 61.02 just after the intervention, they observed. A huge amount of dollars is required to clear the payments, especially for oil to the overseas companies, some currency watchers said.
Since the oil prices started rising in the international market, the demand for dollars has gone up, locally, emergence of political uncertainty, dragged the rupee into the duel crisis. In the meantime, present trend in the rupee may help the exporter to compete the global market, observers said. The other factor that appeared since the emergency has been imposed the rupee and dollar is playing hide-and-seek game.
In the third session of the week, dollar was lower in Asian trade on Wednesday as markets waited for a key economic report for fresh leads on whether the US central bank will cut interest rates next month, dealers said. The euro rose to 1.4833 dollars in Tokyo morning trade from 1.4815 in New York late Tuesday, edging towards its all-time high of 1.4967 reached on Friday.
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Open Buying Rs 61.45
Open Selling Rs 61.55
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Buying Rs 61.08
Selling Rs 61.10
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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 5.50 9.00 6.00 9.25 7.44
1-Week 8.40 8.90 8.50 9.00 8.70
2-Weeks 8.70 9.00 8.90 9.10 8.93
1-Month 9.00 9.20 9.10 9.25 9.14
2-Months 9.25 9.35 9.30 9.40 9.33
3-Months 9.25 9.40 9.30 9.45 9.35
4-Months 9.25 9.40 9.35 9.50 9.38
5-Months 9.30 9.45 9.35 9.50 9.40
6-Months 9.30 9.50 9.40 9.55 9.44
9-Months 9.35 9.45 9.40 9.55 9.44
1-Year 9.35 9.50 9.40 9.55 9.45
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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 6.00 9.25 6.50 9.50 7.81
1-Week 8.75 9.25 8.90 9.40 9.08
2-Weeks 8.90 9.30 9.15 9.40 9.19
1-Month 9.25 9.50 9.40 9.60 9.44
2-Months 9.50 9.70 9.55 9.80 9.64
3-Months 9.50 9.75 9.60 9.80 9.66
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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There was no visible change in dollar's demand and supply that helped rupee stability. At the end of trading, the dollar closed at the opening level, moneychangers said. However, the rupee showed strength and recovered some of earlier losses against pound sterling. The British pound was purchased at Rs 126.60 and was sold at Rs 127 against Tuesday closing of Rs 126.90 and Rs 127.20, dealers said.
Pound Sterling opened at Rs 126.80 (buying) and Rs 127.00 (selling) against the previous rate. It did not observe any change in the evening session and closed at Rs 126.80 (buying) and Rs 127.00 (selling).