The rupee at the weekend gained strength in the open market on State Bank's warning to exchange companies to ward off speculative trade in dollars and strictly follow the rules of forex.
The rupee picked up seven paisa in relation to the greenback for buying and selling at Rs 57.83 and Rs 57.88, respectively, amid easy supply of dollars, dealers said.
The SPB warned them (moneychangers) that if any company was involved in violation of rules and regulations such as illegal transfer of foreign exchange would be punished. Currency analysts were expecting that the central bank's move would also help in narrowing the gap between open and interbank market rates.
In the present situation, widening gap causes trouble in official transfers of foreign currencies from overseas Pakistanis, they observed.
In the world markets, the dollar managed to recover some losses versus the leading currencies following a robust US durable goods report and rising expectations about US interest rate.
The rupee also recovered 46 paisa versus the euro for buying and selling at Rs 68.61 and Rs 68.91, respectively, on decline in the value of the single European currency in the world markets, dealers said.
INTERBANK RATES: Persisting dollars' demand in the interbank market on Saturday did not allow the rupee to recover its lost ground in terms of the dollar for buying and selling at Rs 57.50 and Rs 57.51, dealers said.
The dollar demand was high as buyers were purchasing the greenback according to their requirements, they added.
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Kerb Buying Rs 57.83
Kerb Selling Rs 57.88
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INTERBANK CLOSING RATES: Interbank Closing Rates For Dollar On Saturday.
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Buying Rs 57.50
Selling Rs 57.51
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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 1.00 1.50 1.25 2.00 1.44
1-Week 1.00 1.25 1.50 1.75 1.38
2-Week 1.25 1.50 1.75 2.00 1.63
1-Month 1.75 1.90 2.10 2.30 2.01
2-Months 1.80 2.00 2.20 2.40 2.10
3-Months 1.70 1.90 2.10 2.30 2.00
4-Months 1.80 2.00 2.20 2.40 2.10
5-Months 1.90 2.00 2.20 2.40 2.13
6-Months 1.90 2.10 2.30 2.40 2.18
9-Months 2.10 2.30 2.50 2.70 2.40
1-Year 2.30 2.50 2.70 2.90 2.60
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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 1.25 1.75 1.50 2.25 1.69
1-Week 1.25 1.50 1.75 2.00 1.63
2-Week 1.50 1.75 2.00 2.25 1.88
1-Month 1.80 2.00 2.20 2.40 2.10
2-Month 1.90 2.10 2.30 2.50 2.20
3-Month 1.90 2.10 2.30 2.50 2.20
4-Month 2.00 2.20 2.30 2.40 2.23
5-Month 2.30 2.50 2.70 2.90 2.60
6-Month 2.20 2.40 2.60 2.80 2.50
9-Month 2.20 2.40 2.60 2.80 2.50
1-Year 2.40 2.60 2.80 3.00 2.70
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RUPEE IN LAHORE: The rupee improved its worth, and registered a gain of five paisa against the dollar for buying side at Rs 57.90 and eight paisa for selling side at Rs 57.98 in the local currency market on Saturday.
The dollar's selling continued for the second consecutive day, which gave rise to rupee's value. The dollar resumed trading at overnight closing level of Rs 57.95 and Rs 58.05 as its buying and selling rates, respectively. After moving down, the dollar closed at Rs 57.90 and Rs 57.98 on buying and selling counters, respectively, the currency dealers said.
Similarly, the rupee also remained strong against the pound sterling, which was purchased at Rs 103.00, and sold at Rs 103.40 as compared to Friday's closing at Rs 103.20 and Rs 103.55 respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 57.90 (buying) and Rs 58 (selling) against the overnight value of Rs 57.75 (buying) and Rs 57.85 (selling) respectively. It did not observe any further change in the evening session, and closed at Rs 57.90 (buying) and Rs 58 (selling).
The pound sterling opened at Rs 103 (buying) and Rs 103.40 (selling) against the same last rate. It did not witness any further change in the evening session, and closed at Rs 103 (buying) and Rs 103.40 (selling).
The Canadian dollar opened at Rs 43 (buying) and Rs 43.10 (selling) against the same previous rate. It remained firm against the rupee in the evening spell, and closed at Rs 43 (buying) and Rs 43.10 (selling).
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