Commenting on the fresh rise in the oil prices on Tuesday, analysts said that this was second consecutive month, when oil prices continued surge, which would help the inflation rate to move up slightly.
In the meantime, the State Bank said last month it would continue raising rates over the next six months to check rising inflation, and indicated the pace of rate rises would be faster. However, it also said it would raise rates at a pace that would not hurt economic growth.
The consumer price index (CPI) rose 7.37 percent in the year through December.
The dollar moved in a narrow band against the leading currencies in the international markets, dealers said.
OPEN MARKET RATES: The rupee maintained its overnight level versus the dollar for buying at 59.35 while it lost five paisa for selling at 59.45 in modest trading, dealers said.
The euro maintained its rise, picking up 30 paisa more for buying and selling at Rs 77.70 and Rs 78.00, respectively.
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Kerb Buying Rs 59.35
Kerb Selling Rs 59.45
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Wednesday.
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Buying Rs 59.34
Selling Rs 59.38
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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 0.50 1.50 0.75 2.00 1.19
1-Week 4.00 4.25 4.75 5.00 4.50
2-Week 3.75 4.00 4.50 4.75 4.25
1-Month 4.50 5.00 4.75 5.25 4.88
2-Months 4.60 5.10 5.00 5.50 5.05
3-Months 4.50 5.50 5.00 5.75 5.19
4-Months 4.75 5.50 5.25 5.75 5.31
5-Months 5.00 5.60 5.40 5.80 5.45
6-Months 5.25 5.75 5.50 6.00 5.63
9-Months 5.40 5.80 5.75 6.00 5.74
1-Year 5.75 6.00 6.25 6.50 6.13
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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 1.00 2.00 1.50 3.00 1.88
1-Week 5.00 5.50 6.00 6.50 5.75
2-Week 4.50 5.00 5.50 5.75 5.19
1-Month 4.75 5.00 5.75 6.00 5.38
2-Month 4.90 5.20 5.90 6.10 5.53
3-Month 5.50 5.75 6.25 6.50 6.00
4-Month 5.75 6.00 6.50 6.75 6.25
5-Month 5.85 6.10 6.70 6.90 6.39
6-Month 6.25 6.50 6.75 7.00 6.63
9-Month 6.50 6.70 6.90 7.10 6.80
1-Year 6.75 6.90 7.10 7.25 7.00
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RUPEE IN LAHORE: The rupee maintained downward trend and further lost its value by five-paisa in relation to the greenback in the local currency markets on Wednesday.
According to currency dealers, the dollar's buying remained intact, which pushed down the value of local currency. The dollar's trading resumed at overnight closing rates of Rs 59.35 and Rs 59.45 on buying and selling counters, respectively. At the end of trading, it closed higher at Rs 59.40 and Rs 59.50 on buying and selling sides, respectively, the dealers said.
Similarly, the local currency lost its worth against the pound sterling. The British pound witnessed visible fluctuation in its worth during the days trading. The British pound was traded at Rs 112.10 and Rs 112.35 on buying and selling counters, respectively, as compared to Rs 111.70 and Rs 112.10 of Tuesday, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged at the open currency markets of Islamabad and Rawalpindi on Wednesday.
The dollar opened at Rs 59.25 (buying) and Rs 59.35 (selling) against same overnight value. It did not observe any further change in the evening session and closed at Rs 59.25 (buying) and Rs 59.35 (selling).
Pound sterling opened at Rs 111.80 (buying) and Rs 111.90 (selling) against same overnight value. It did not observe any change in the second spell and closed at Rs 111.80 (buying) and Rs 111.90 (selling).