The rupee was back on track in the interbank market on Thursday, recovering another 47 paisa against dollar for buying and selling at 61.85 and 61.90, currency experts said. The credit goes to the State Bank of Pakistan's (SBP) strategy and peaceful process of elections in the country, seemingly marking the end of political uncertainties, they said.
During the post-election session, the rupee came under pressure in both the interbank and open market due to excessive dollar buying by the importers. Till now, the domestic currency has recovered rupees 1.26 versus dollar and analysts hope that the rupee may depict more stability in the coming days.
Negotiations are under process between the two leading winners for making the new government, they said adding that country's major indicator the Karachi Stock Exchange (KSE) is kept bullish sentiment for the third day in trading. The KSE 100-index reached to all time highest level after crossing 15,000 points barrier after increment of 200 points on Thursday. This is the first time in country's history that 100-Index has crossed the barrier of 15,000.
In the forth Asian session, dollar was little changed against yen and euro, stung by expectations the Federal Reserve will keep slashing interest rates to prevent the US economy from suffering a sharper downturn. In its quarterly forecast, the Fed cut its economic growth forecast for 2008 due to the deepening housing slump and tight credit, saying the risks of further setbacks were worrisome.
The rupee appreciated sharply against the euro for buying and selling at Rs 90.75 and Rs 90.85, they said.

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Open Buying             Rs 61.85
Open Selling            Rs 62.00
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Buying                  Rs 61.85
Selling                 Rs 61.90
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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    10.40     10.45      10.40        10.45        10.43
1-Week       10.00     10.20      10.25        10.30        10.19
2-Weeks       9.75     10.00       9.90        10.10         9.94
1-Month       9.50      9.75       9.65         9.80         9.68
2-Months      9.40      9.50       9.50         9.60         9.50
3-Months      9.40      9.55       9.50         9.75         9.55
4-Months      9.50      9.65       9.65         9.75         9.64
5-Months      9.50      9.75       9.65         9.80         9.68
6-Months      9.55      9.75       9.70         9.90         9.73
9-Months      9.60      9.80       9.70         9.90         9.75
1-Year        9.65      9.80       9.75         9.90         9.78
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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    10.40     10.75      10.50        11.00        10.66
1-Week       10.20     10.40      10.30        10.50        10.35
2-Weeks       9.90     10.25      10.10        10.40        10.16
1-Month       9.75     10.25      10.00        10.40        10.10
2-Months      9.75     10.25      10.00        10.50        10.13
3-Months      9.75     10.30      10.00        10.50        10.14
4-Months      9.75     10.35      10.00        10.50        10.15
5-Months      9.90     10.40      10.20        10.50        10.25
6-Months     10.00     10.40      10.25        10.50        10.29
9-Months     10.00     10.50      10.25        10.60        10.34
1-Year       10.10     10.50      10.30        10.60        10.38
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