Dollars' selling eased pressure over the rupee in the interbank market on Thursday, recovering six paisa versus the US currency for buying and eight paisa against selling at 59.69 and 59.70, respectively. The domestic currency managed to gain handsome ground on slight improvement in the supply, analysts said.
They said that the dollar looked ahead on the increased buying by a local bank on Wednesday for payment requirements.
Continued rise in the oil prices in the world markets made the overseas payments dearer and because of this reason the dollars demand have increased, they added.
Commenting on the fresh appreciation in the rupee's value, currency dealers said that tight money market propelled the banks to sell their dollar holdings, which in fact helped the rupee to recoup its earlier losses.
In the overseas market, the euro could not come out of the recent weakness and fell versus the dollar on expectations that the European Central Bank (ECB) to lower the interest rate in the near future, the dollar, however, lost its ground versus the yen, dealers said.
The Japanese currency rose from the bottom versus the dollar on improved confidence in the business conditions, they observed.
OPEN MARKET RATES: The rupee gained 50 paisa against the euro for buying and selling at Rs 73.20 and Rs 73.40 on its falling trend in the international markets, dealers said.
The rupee did not show any change versus the dollar for buying and selling at 60.45 and 60.50 in process of trading, they added.
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Kerb Buying Rs 60.45
Kerb Selling Rs 60.50
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Thursday.
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Buying Rs 59.69
Selling Rs 59.70
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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 8.95 8.90 8.95 8.93
1-Week 8.50 8.75 8.75 8.90 8.73
2-Week 8.25 8.40 8.50 8.90 8.51
1-Month 7.50 7.75 8.00 8.25 7.88
2-Months 7.25 7.50 7.75 8.00 7.63
3-Months 7.35 7.65 7.85 8.00 7.71
4-Months 7.40 7.75 8.00 8.15 7.83
5-Months 7.60 7.85 8.10 8.25 7.95
6-Months 7.75 8.00 8.25 8.50 8.13
9-Months 7.85 8.15 8.40 8.60 8.25
1-Year 8.20 8.50 8.65 9.00 8.59
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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 9.00 9.25 9.50 9.75 9.38
1-Week 9.00 9.25 9.25 9.50 9.25
2-Week 8.75 8.90 9.00 9.50 9.04
1-Month 8.00 8.25 8.50 8.75 8.38
2-Months 7.75 8.00 8.25 8.50 8.13
3-Months 7.85 8.15 8.35 8.50 8.21
4-Months 7.90 8.25 8.50 8.65 8.33
5-Months 8.10 8.35 8.60 8.36 8.35
6-Months 8.25 8.50 8.75 9.00 8.63
9-Months 8.35 8.65 8.90 9.20 8.78
01-Year 8.70 9.00 9.15 9.30 9.04
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RUPEE IN LAHORE: The rupee showed strength, as it improved its worth by 15-pasia in relation to the greenback in the local currency markets on Thursday.
According to the currency dealers, the dollar remained under selling pressure, which helped rupee improve its worth.
The dollar's trading resumed at Rs 60.55 and Rs 60.65 as its buying and selling rates, respectively. It kept moving down and finally closed at Rs 60.50 and Rs 60.60 on buying and selling sides, respectively, against Rs 60.65 and Rs 60.75 of Wednesday, the dealers added.
Similarly, the local currency gained strength against the pound sterling. The British pound was purchased at Rs 109.80 and was sold at Rs 1110.20 as compared to Rs 110.00 and Rs 110.40 of Wednesday, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the currency shops of Islamabad and Rawalpindi on Thursday.
The dollar opened at Rs 60.40 (buying) and Rs 60.50 (selling) in the morning session. It did not observe any further fluctuation in the evening session and closed at Rs 60.40 (buying) and Rs 60.50 (selling).
Pound sterling opened at Rs 109.50 (buying) and Rs 109.80 (selling) against last rate of Rs 110 (buying) and Rs 110.40 (selling). It did not observe any change in the second session and closed at Rs 109.50 (buying) and Rs 109.80 (selling).
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