Escalating dollar buying by interbank market kept the rupee in drifting position in the open market on Friday, shedding 15 paisa in terms of dollar for buying and selling at Rs 60.25 and Rs 60.30, respectively. The rupee was under pressure these days as demand for dollars jumped in the interbank market by importers to meet payment requirements, currency experts at Forex Association of Pakistan (FAP) said. They said that the ballooning oil prices in the overseas markets put extra burden on import payments. The government has taken several measures to revive economic growth in the country.
To introduce new technologies, the government has imported high machinery to improve quality in exports goods to tackle difficulties and challenges with the beginning of the World Trade Organisation (WTO), they opined.
If the dollar demand persisted in the interbank market, the dollar might show its muscle and may touch new high at Rs 62 in the open market before the budget sessions, but it is expected that the US currency would not react sharply during the said period, they said.
The rupee, however, gained 20 paisa against euro for buying and selling at Rs 76.60 and Rs 77.00 as the single European currency came under pressure versus dollar in the international markets, dealers said.
INTERBANK RATES: Range-bound trading was seen as the rupee in the interbank market traded within the band of Rs 59.50 and Rs 59.52.
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Buying Rs 59.50
Selling Rs 59.52
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Friday.
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Buying Rs 59.50
Selling Rs 59.52
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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 8.90 8.90 8.90 8.95 8.91
1-Week 7.75 8.00 8.25 8.50 8.13
2-Week 7.25 7.50 7.75 8.00 7.63
1-Month 7.50 7.75 8.00 8.25 7.88
2-Months 7.75 8.00 8.25 8.50 8.13
3-Months 7.50 7.75 8.10 8.25 7.90
4-Months 7.65 7.95 8.10 8.40 8.03
5-Months 8.00 8.15 8.40 8.65 8.30
6-Months 8.00 8.25 8.50 8.75 8.38
9-Months 8.10 8.25 8.50 8.75 8.40
1-Year 8.50 8.75 9.00 9.25 8.88
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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 9.25 9.50 9.75 10.00 9.63
1-Week 8.00 8.25 8.50 8.75 8.38
2-Week 7.50 7.75 8.00 8.25 7.88
1-Month 8.25 8.50 8.50 8.75 8.50
2-Months 8.25 8.50 8.75 9.00 8.63
3-Months 8.00 8.25 8.65 8.85 8.44
4-Months 8.20 8.40 8.60 8.90 8.53
5-Months 8.25 8.50 8.75 9.00 8.63
6-Months 8.25 8.75 9.00 9.25 8.81
9-Months 9.00 9.25 9.50 9.75 9.38
1-Year 9.25 9.50 9.75 10.00 9.63
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RUPEE IN LAHORE: The rupee remained under pressure and further lost its worth by five-paisa in relation to the greenback in the local currency markets on Friday.
According to the currency dealers, the dollar's demand continued to increase which helped appreciation in its worth against the rupee. The dollar resumed trading at overnight closing rates of Rs 60.20 and Rs 60.30 on buying and selling sides, respectively.
The greenback maintained upward trend during the day's trading and finally closed at Rs 60.25 and Rs 60.35 as its buying and selling rates, respectively, the dealers added.
However, the local currency showed strength and further improved its value against the pound sterling. The pound's buying rate declined from Thursday's closing rate of Rs 112.80 to Rs 112.20, while selling rate moved down from Rs 113.20 to Rs 112.60, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged at the open currency markets of Islamabad and Rawalpindi on Friday.
The dollar opened at Rs 59.60 (buying) and Rs 59.70 (selling) against same last rate. It did not observe any further change in the second spell and closed at Rs 59.60 (buying) and Rs 59.70 (selling).
Pound sterling opened at Rs 113.30 (buying) and Rs 113.80 (selling) against same previous rate. It did not observe any change in the second session and closed at Rs 113.30 (buying) and Rs 113.80 (selling).
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