The rupee extended its gains against dollar in the currency market on Thursday, dealers said. In the interbank market, the rupee gained 27 paisa for buying at 71.18 and it also rose by 30 paisa for selling at 71.20, they added.
Recent steps taken by the State Bank of Pakistan (SBP) boosted the rupee in both open and interbank market, money experts said. On the other hand, speculators were on the sidelines, which aided the rupee to resist its decline versus dollar.
In the fourth Asian trade dollar edged up against a basket of currencies as oil prices inched lower, but investors remained cautious due to worries about more credit-related losses and the economy.
Though dollar found support from a dip in oil prices, traders were wary of oil surging back towards the record peak of $145.85 hit last week, as high energy costs undermine the weak US economy and hurt the currency.
The rupee rose by 15 paisa against euro for buying at Rs 110.85 and it also gained 20 paisa for selling at Rs 111.05, dealers said.
================================ Open Buying Rs 71.10 Open Selling Rs 71.60 ================================
At close, the dollar moved up to Rs 71.00 and Rs 71.60 against the overnight level of Rs 70.75 and Rs 72.50 on the buying and selling sides.
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Buying Rs 71.18
Selling Rs 71.20
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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 6.00 11.25 7.00 11.50 8.94
1-Week 10.00 10.25 10.25 10.50 10.25
2-Week 10.00 10.40 10.25 10.60 10.31
1-Month 10.30 10.50 10.50 10.60 10.48
2-Months 11.25 11.40 11.40 11.50 11.39
3-Months 11.40 11.50 11.50 11.60 11.50
4-Months 11.40 11.50 11.50 11.65 11.51
5-Months 11.45 11.55 11.55 11.65 11.55
6-Months 11.45 11.60 11.55 11.70 11.58
9-Months 11.50 11.60 11.60 11.70 11.60
1-Year 11.50 11.65 11.60 11.80 11.64
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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 8.00 13.00 9.00 13.50 10.88
1-Week 11.00 12.50 11.50 13.00 12.00
2-Week 11.00 12.50 12.00 13.00 12.13
1-Month 12.00 13.50 13.00 14.00 13.13
2-Months 12.00 14.00 13.00 14.50 13.38
3-Months 12.50 14.50 13.50 15.00 13.88
4-Months 13.00 14.50 14.00 15.00 14.13
5-Months 13.50 14.50 14.00 15.50 14.38
6-Months 14.00 14.75 14.50 15.50 14.69
9-Months 14.25 15.00 14.75 16.00 15.00
1-Year 14.50 15.50 15.00 16.00 15.25
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The rupee also remained under pressure and lost its value against the British pound, which traded at Rs 138.50 and Rs 141.00 as compared to Wednesday's closing of Rs 138.00 and Rs 140.00 on the buying and selling counters, respectively.
The dollar opened at Rs 71 (buying) and Rs 72 (selling) against same previous rate. It did not observe further change in the evening session and closed at Rs 71 (buying) and Rs 72 (selling).
Pound sterling opened at Rs 139 (buying) and Rs 139.50 (selling) against last rate of Rs 138 (buying) and Rs 139.50 (selling). It did not observe further change in the second session and closed at Rs 139 (buying) and Rs 139.50 (selling).