Balanced demand and supply position saved the rupee from moving to either side, dealers said. The rupee is likely to drift lower in the coming days due to rising dollar demand for higher payments, some moneychangers at the Forex Association of Pakistan (FAP) said.
In the international markets, the dollar traded in a narrow band versus the major currencies ahead of the Federal Reserve meeting, which may increase the interest rates further, dealers said.
OPEN MARKET RATES: The rupee was lower by five paisa against the dollar for buying at 59.80 while it did nod show any change for selling at 59.85, dealers said.
The rupee shed 10 paisa versus the euro for buying and selling at 71.60 and Rs 71.70, respectively.
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Kerb Buying Rs 59.80
Kerb Selling Rs 59.85
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Wednesday.
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Buying Rs 59.70
Selling Rs 59.71
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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 8.50 8.85 8.75 8.90 8.75
1-Week 8.25 8.50 8.50 8.75 8.50
2-Week 8.25 8.35 8.50 8.60 8.43
1-Month 8.25 8.40 8.40 8.50 8.39
2-Months 8.30 8.40 8.40 8.50 8.40
3-Months 8.30 8.50 8.45 8.60 8.46
4-Months 8.35 8.50 8.50 8.65 8.50
5-Months 8.40 8.50 8.50 8.70 8.53
6-Months 8.50 8.60 8.60 8.75 8.61
9-Months 8.50 8.65 8.65 8.75 8.64
1-Year 8.55 8.70 8.75 8.85 8.71
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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 9.25 9.75 9.75 10.00 9.69
1-Week 8.90 9.25 9.50 10.00 9.41
2-Week 8.75 9.25 9.50 10.00 9.38
1-Month 8.75 9.00 9.25 9.50 9.13
2-Months 8.60 9.25 9.25 9.75 9.21
3-Months 8.75 9.50 9.00 9.90 9.29
4-Months 8.75 9.50 9.00 10.00 9.31
5-Months 8.80 9.60 9.25 10.00 9.41
6-Months 8.75 9.75 9.15 10.00 9.41
9-Months 8.80 9.75 9.35 10.00 9.48
1-Year 9.10 10.00 9.70 10.20 9.75
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RUPEE IN LAHORE: The rupee opened the week on a positive note, as it appreciated its worth by 5-paisa in relation to the greenback in the local currency markets.
According to the currency dealers, the dollar's trading commenced at Saturday's closing levels of Rs 59.75 and Rs 59.85 on buying and selling sides, respectively. Due to lacking buying support, the dollar moved down and closed at Rs 59.70 and Rs 59.80 on buying and selling counters, respectively, the dealers added.
Similarly, the local currency maintained upward trend and further improved its value against the pound sterling. The British pound was purchased at Rs 105.20 and sold at Rs 105.50, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar fell by 30 paisa against the rupee at the open currency markets of Islamabad and Rawalpindi on Monday.
The dollar opened at Rs 59.50 (buying) and Rs 59.70 (selling) against last week's rate of Rs 59.90 (buying) and Rs 60 (selling). It did not observe any further change in the second spell and closed at Rs 59.50 (buying) and Rs 59.70 (selling).
Pound sterling opened at Rs 105.30 (buying) and Rs 106 (selling) against same last week's rate. It did not observe any further change in the evening session and closed at Rs 105.30 (buying) and Rs 106 (selling).