Bullish sentiment was seen in the interbank dealings on Thursday as the rupee gained five paisa against dollar for buying and selling at Rs 61.20 and Rs 61.22, respectively. Rising demand for dollar was unusual as intending Hujjaj bought the US currency to meet their expenses during the Haj, moneychangers said.
But on the other hand, the overseas Pakistanis send dollars to their relatives to sacrifice animals and for other Eid expenses, currency experts said.
Both the factors helped in making up the demand and supply position in rupee's fsvour. So it is likely that the rupee may move both ways versus the greenback, they said.
According to the Reuters, the rupee has recovered from a three-year low set last week following the State Bank of Pakistan (SBP) decision to decrease the amount of cash reserves that banks have to maintain with them against their foreign currency deposits. During the fourth session, dollar slipped against other major currencies in Asian trade following uncertainty about how effective a central bank plan to ease a global credit crunch will be, dealers said.
The euro rose to 1.4720 dollars in Tokyo trade from 1.4702 dollars in New York late Wednesday, while dropping to 164.68 yen from 165.10 yen. The dollar eased to 111.90 yen from 112.21 yen. The greenback had shot up against yen in overseas trade on news of a joint initiative by the central banks of the United States, the Eurozone, Britain, Canada and Switzerland to jointly boosting liquidity.

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Open Buying             Rs 61.25
Open Selling            Rs 61.35
================================

==============================
Buying                Rs 61.20
Selling               Rs 61.22
==============================
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Repo Rates (Yield p a)
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Tenor      Low Bid   High Bid   Low Offer   High Offer    Average
=================================================================
Overnight    4.00       9.40        4.50        9.50         6.85
1-Week       9.30       9.40        9.45        9.50         9.41
2-Weeks      9.35       9.50        9.45        9.60         9.48
1-Month      9.30       9.45        9.40        9.50         9.41
2-Months     9.25       9.35        9.35        9.45         9.35
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
=================================================================
Call Rates (Yield p a)
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Tenor      Low Bid   High Bid   Low Offer   High Offer    Average
=================================================================
Overnight    4.25       9.50        5.00        9.75         7.13
1-Week       9.40       9.60        9.50        9.75         9.56
2-Weeks      9.40       9.60        9.50        9.75         9.56
1-Month      9.50       9.70        9.60        9.75         9.64
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
=================================================================