Sharp increase was seen in the interbank market on Thursday as the rupee managed to gain nine paisa against the dollar for buying at 61.21 and selling at 61.23, money experts said.
The rupee started recovering gradually since the State Bank of Pakistan (SBP) has taken a bold, but courageous move by slashing the Special Cash Reserves (SCRs) requirement to five percent in a move to improve the US currency supply in the interbank market, currency experts said.
The move was fruitful and supply of the dollar has showed an improvement and it is expected that the rupee may move up slightly in terms of the greenback, they said.
In the Asian trading, during the fourth session, the dollar rose after a robust US jobs survey eased concerns about the outlook for the world's largest economy ahead of a key interest rate decision next week, dealers said.
The dollar gained to 111.17 yen in Tokyo morning trade from 110.89 in New York late Wednesday. The euro slipped to 1.4583 dollars from 1.4612 but edged up to 162.08 yen from 162.03.
The rupee, however, picked up 80 piasa in relation to the euro for buying and selling at Rs 89.55 and 89.65, they said. The dollar's strength forced the euro to face depreciation in the world markets, they added.
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Open Buying Rs 61.40
Open Selling Rs 61.50
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Buying Rs 61.21
Selling Rs 61.23
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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 7.00 9.90 7.50 9.90 8.58
1-Week 9.00 9.20 9.05 9.25 9.13
2-Weeks 9.00 9.25 9.15 9.30 9.18
1-Month 9.10 9.30 9.20 9.35 9.24
2-Months 9.20 9.35 9.25 9.40 9.30
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 7.50 9.90 8.00 9.95 8.84
1-Week 9.20 9.60 9.30 9.65 9.44
2-Weeks 9.25 9.60 9.40 9.65 9.48
1-Month 9.40 9.60 9.50 9.70 9.55
2-Months 9.50 9.70 9.60 9.80 9.65
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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The dollar opened on a negative note and declined against the rupee because of shrinking demand and was traded at Rs 61.45 and Rs 61.55 against the Wednesday closing rates of Rs 61.50 and Rs 61.55 as its buying and selling rates.
The rupee maintained its upward slide for the third consecutive day and increased its worth against the British pound bought and sold at Rs 124.10 and Rs 124.50 against the last closing of Rs 124.50 and Rs 125.00.
The dollar opened at Rs 61.30 (buying) and Rs 61.40 (selling) against the last rate. It did not observe any change in the last trading hours and closed at Rs 61.30 (buying) and Rs 61.40 (selling).
Pound Sterling opened at Rs 126.80 (buying) and Rs 127.00 (selling) against the last rate. It did not observe any change in the second session and closed at Rs 126.80 (buying) and Rs 127.00 (selling).