Continued forward buying of dollars pushed the rupee rates down in the currency market on Wednesday ahead of Labour Day holiday, dealers said. In the interbank market the rupee shed seven paisa in terms of dollar at 64.59 for buying and it also lost eight paisa for selling at 64.62, they said.
They said that there was some speculative buying of dollars by the importers for oil payments and partly because of rumours that the State Bank of Pakistan (SBP) may raise interest rate to bring imports down and also to contain the fiscal deficit.
It was surprising that despite the precautionary measures taken by the bank to curb the rupee's fall, the rates in both interbank and open market continued their downward trend, they said. In the third Asian trading dollar was little changed, with investors bracing for an expected Federal Reserve interest rate cut and a tweaked policy statement indicating the central bank may pause its aggressive run of rate slashes.
The prospect of the Fed taking a break from trying to underpin the weakening economy with lower rates has helped dollar rebound from record lows struck versus euro last week.

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Open Buying             Rs 65.80
Open Selling            Rs 65.90
================================

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Buying                Rs 64.59
Selling               Rs 64.62
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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     4.00      8.75       4.50         9.00         6.56
1-Week        8.60      9.00       8.75         9.25         8.90
2-Weeks       8.90      9.20       9.00         9.30         9.10
1-Month       9.20      9.40       9.35         9.50         9.36
2-Months      9.60      9.80       9.70         9.90         9.75
3-Months      9.60      9.85       9.75         9.95         9.79
4-Months      9.70      9.90       9.80        10.00         9.85
5-Months      9.75     10.00       9.85        10.10         9.93
6-Months      9.75     10.10       9.85        10.20         9.98
9-Months      9.80     10.10       9.90        10.20        10.00
1-Year       10.00     10.15      10.10        10.25        10.13
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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     7.00      9.50       7.50         9.75         8.44
1-Week        9.00      9.75       9.40        10.00         9.54
2-Weeks       9.25      9.75       9.50        10.00         9.63
1-Month       9.50     10.00       9.75        10.25         9.88
2-Months      9.90     10.25      10.10        10.40        10.16
3-Months     10.00     10.25      10.25        10.40        10.23
4-Months     10.00     10.40      10.25        10.60        10.31
5-Months     10.25     10.75      10.40        11.00        10.60
6-Months     10.25     11.00      10.50        11.25        10.75
9-Months     10.40     11.00      10.60        11.25        10.81
1-Year       10.50     11.00      10.75        11.50        10.94
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