The rupee retained its firmness against dollar and euro on the currency market on Thursday, dealers said.
Commenting on the stability of the rupee versus dollar, some experts said that after the State Bank of Pakistan (SBP) fresh move in which it has lifted a ban on forward cover facility for importers more or less after three years of long period, the demand for dollars may increase in the coming days.
In the fourth Asian trade euro slipped, pulling further away from a 4-1/2 month high versus dollar on heightened worries that political instability in Portugal may force it to become the latest country in the region to seek a European Union bailout.
The single currency slipped to the day's low of $1.4071 as concerns about weakness in debt-heavy euro zone economies were highlighted by a media report that ratings agency Moody's would downgrade the credit ratings of Spanish banks on Thursday.
Market participants said euro could slide further to $1.40 in the near term. Traders said light stop-loss orders were creeping below that level on Thursday.
Indian rupee was at Rs 44.85 in terms of the US currency, Malaysian ringgit was available at 3.0285 in terms of the greenback and Chinese yuan was trading at 6.561 versus dollar.
The rupee recovered sharply against euro, rising by Rs 1.26 for buying and selling at Rs 120.03 and Rs 120.53, they said.
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Open Buying Rs 85.30
Open Selling Rs 85.45
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Buying Rs 85.25
Selling Rs 85.30
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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 13.90 13.90 13.90 13.90 13.90
1-Week 11.70 13.20 13.15 13.25 12.83
2-Week 11.75 13.20 13.15 13.25 12.84
1-Month 12.00 13.10 13.15 13.20 12.86
2-Months 12.40 13.15 13.15 13.25 12.99
3-Months 12.50 13.20 13.20 13.30 13.05
4-Months 13.00 13.30 13.25 13.35 13.23
5-Months 13.20 13.45 13.40 13.50 13.39
6-Months 13.35 13.50 13.45 13.55 13.46
9-Months 13.40 13.60 13.50 13.65 13.54
1-Year 13.45 13.60 13.55 13.65 13.56
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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 13.90 13.90 13.90 13.95 13.91
1-Week 12.30 13.30 13.25 13.35 13.05
2-Week 12.40 13.30 13.25 13.35 13.08
1-Month 12.70 13.35 13.25 13.40 13.18
2-Months 13.00 13.40 13.30 13.50 13.30
3-Months 13.10 13.60 13.40 13.70 13.45
4-Months 13.25 13.65 13.45 13.75 13.53
5-Months 13.40 13.70 13.50 13.75 13.59
6-Months 13.50 13.75 13.70 13.90 13.71
9-Months 13.60 13.80 13.75 13.95 13.78
1-Year 13.50 13.90 13.80 14.00 13.80
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According to the currency dealers, there was no change in the dollar's demand and supply situation that helped rupee stability in the open market. The dollar was traded at its previous closing of Rs 85.25 and Rs 85.50 on buying and selling sides, respectively.
The rupee also recovered its earlier loss and appreciated its worth against the pound sterling. At the close of trading, the pound's buying and selling rates were slide down from Tuesday closing of Rs 139.00 and Rs 139.70 to Rs 137.50 and Rs 138.50, respectively, the dealers added.
The dollar resumed trading at Rs 85.20 (buying) and Rs 85.30 (selling) against same last rate. It did not observe further change in the evening session and closed at Rs 85.20 (buying) and Rs 85.30 (selling).
Pound Sterling opened at Rs 136.50 (buying) and Rs 137.50 (selling) against same previous rate. It did not witness any change in the evening session and closed at Rs 136.50 (buying) and Rs 137.50 (selling).