The "spot market" opened with the greenback changing hands in the range of Rs 57.36 and Rs 57.38 as respective buying and selling rates.
In the early hours, due to demand for the US dollar the rupee remained subdued, but later day, as the buying interest subsided, the dollar retreated sharply, losing 4.0 paisa each in bid and offer at Rs 57.32 and Rs 57.34.
However by the end of the trading session the dollar shed 2.0 paisa more versus the rupee due to scarcity of funds in the money market, concluding the day in the range of Rs 57.30 and Rs 57.32 as respective buying and selling rates.
In swap transactions, prices in all the tenures swelled owing to tight conditions in the money market. 1-week swap was dealt in the range of Par and 1.50 paisa.
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DAILY FOREX REPORT Thursday (February 12, 2004)
SBP US $/PKR Parity: 46.00/.23
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US $/PKR Ready 1 Wk 1M 2M 3M 4M 5M R/6M
Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer
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Outright 57.30 57.32 57.30 57.32 57.31 57.33 57.29 57.31 57.26 57.28 57.26 57.28 57.25 57.27 57.25 57.27
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SWAP
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O/N R/1 WK R/1 M R/2 M R/3 M R/4 M R/5 M R/6 M
Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer
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Paisa 0.75 1.25 0.00 1.50 0.00 2.00 -2.00 0.00 -5.00 -3.00 -5.00 -3.00 -6.00 -4.00 -6.00 -4.00
% Bid 5.78 8.96 1.00 2.36 1.00 1.42 0.79 1.00 0.65 0.79 0.73 0.84 0.75 0.83 0.79 0.86
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