The rupee moved both ways on the currency market on Thursday in process of higher demand for dollars as the US currency crossed the high mark of 86 on the open market in the early hours, dealers said. The rupee shed four paisa in terms of dollar for buying at 85.58 and it slipped by one paisa for selling at 85.60, they added.
The dollar briefly scaled a three-week high against yen on rebound in US bond yields after the minutes of the Federal Reserve's April meeting were released, but it failed to maintain gains as rising risk appetite hit the US currency. The yuan closed up against dollar for a second day on Thursday after the People's Bank of China set a firmer mid-point, reinforcing expectations the central bank will stick to a policy of yuan appreciation, albeit gradually. Indian rupee was trading at Rs 44.97 versus dollar, Malaysian ringgit was at 3.0265 in terms of the US currency.
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Open Buying Rs 85.20
Open Selling Rs.85.60
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Buying Rs.85.58
Selling Rs.85.60
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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 13.95 13.91
1-Week 12.50 13.40 13.25 13.50 13.16
2-Week 12.70 13.20 13.20 13.30 13.10
1-Month 12.75 13.15 13.10 13.25 13.06
2-Months 12.80 13.15 13.15 13.25 13.09
3-Months 12.90 13.20 13.15 13.25 13.13
4-Months 12.90 13.20 13.20 13.30 13.15
5-Months 13.00 13.35 13.30 13.40 13.26
6-Months 13.20 13.40 13.35 13.50 13.36
9-Months 13.25 13.50 13.50 13.60 13.46
1-Year 13.40 13.60 13.55 13.70 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 12.60 13.45 13.25 13.50 13.20
2-Week 12.75 13.35 13.25 13.40 13.19
1-Month 12.80 13.25 13.15 13.30 13.13
2-Months 12.90 13.20 13.20 13.30 13.15
3-Months 13.10 13.30 13.25 13.35 13.25
4-Months 13.10 13.35 13.25 13.45 13.29
5-Months 13.25 13.45 13.35 13.55 13.40
6-Months 13.30 13.50 13.40 13.60 13.45
9-Months 13.50 13.65 13.60 13.70 13.61
1-Year 13.50 13.75 13.60 13.85 13.68
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According to the currency dealers, the dollar witnessed fresh demand that put the local currency under pressure. They were of the view that the general public is buying greenback in anticipation of devaluation of Pak rupee. As a result, the dollar was further strengthened and closed at Rs 86.40 and Rs 86.80 on buying and selling sides against the last day closing of Rs 86.00 and Rs 86.30, respectively, the dealers said.
Likewise, the rupee maintained downward trend and further declined against the pound sterling. The pound's buying and selling rates were increased from overnight closing of Rs 139.00 and Rs 140.00 to Rs 139.50 and Rs 140.50, respectively, the dealers added.
The dollar resumed trading at Rs 84.50 (buying) and Rs 85.10 (selling) against the last rate. It did not observe further change in the evening session and closed at Rs 84.50 (buying) and Rs 85.10 (selling).
Pound Sterling opened at Rs 136.50 (buying) and Rs 137.60 (selling) against the previous rate. It did not witness any change in the evening session and closed at Rs 136.50 (buying) and Rs 137.60 (selling).