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.
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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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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