Rising demand for dollar pushed the rupee into minus column and it seems that the corporate buying might not allow the rupee to come out from present weakness, money experts said.
Importers were busy in dollar' buying to meet the payment requirement, they added. In the world markets, the dollar mainly moved in two-ways on expectations about the rise in the interest rates by the Federal Reserve and the European Central Bank in the coming days, they observed.
OPEN MARKET RATES: The rupee, however, recovered, gaining five piasa on the buying side at 60.10 and picked up 10 paisa on the selling side at 60.15, respectively.
The rupee failed to hold its overnight levels versus the euro for buying and selling at Rs 70.70 and Rs 70.80, dealers said.
The single European currency managed to recover some lost ground in relation to the dollar, which helped it to make gains against the rupee, they said.
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Kerb Buying Rs 60.10
Kerb Selling Rs 60.15
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Wednesday.
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Buying Rs 59.77
Selling Rs 59.78
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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 8.00 8.50 8.40 8.75 8.41
1-Week 7.50 8.25 8.25 8.50 8.13
2-Week 8.00 8.30 8.50 8.60 8.35
1-Month 8.10 8.25 8.30 8.40 8.26
2-Months 8.20 8.30 8.35 8.45 8.33
3-Months 8.25 8.35 8.45 8.50 8.39
4-Months 8.30 8.40 8.40 8.60 8.43
5-Months 8.35 8.45 8.45 8.65 8.48
6-Months 8.35 8.50 8.50 8.70 8.51
9-Months 8.45 8.60 8.55 8.75 8.59
1-Year 8.50 8.60 8.60 8.80 8.63
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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 8.75 9.50 9.00 9.75 9.25
1-Week 8.50 9.00 9.50 9.75 9.19
2-Week 8.50 9.00 9.25 9.60 9.09
1-Month 8.75 9.25 9.50 9.75 9.31
2-Months 9.00 9.50 9.75 9.90 9.54
3-Months 9.00 9.50 9.50 9.85 9.46
4-Months 9.00 9.50 9.35 9.80 9.41
5-Months 8.90 9.60 9.50 10.00 9.50
6-Months 8.95 9.50 9.40 10.15 9.50
9-Months 8.90 9.75 9.50 10.20 9.59
1-Year 9.25 10.00 9.75 10.50 9.88
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RUPEE IN LAHORE: The dollar-rupee parity remained unchanged amid sluggish trading trend in the local currency markets on Tuesday.
According to the currency dealers, the dollar demand and supply situation remained intact on account of lacking buying interest. The dollar commenced trading at Monday's closing rates of Rs 60.00 and Rs 60.10 on buying and selling counters, respectively. There was no visible change in the dollar's rate during the day's trading. At the close of trading, the greenback closed at the opening levels, the dealers added.
However, the local currency failed to maintain its upward move and registered loss against the pound sterling. The pound's buying rate improved from Monday's closing rate of Rs 102.60 to Rs 103.00, while selling rate moved up from Rs 103.00 to Rs 103.30, the dealers added. The pound is likely to maintain upward slide for the next couple of days, the dealers maintained.
RUPEE IN ISLAMABAD AND RAWALPINDI: The buying and selling rates of dollar against the rupee remained unchanged at the currency exchange establishments of Islamabad and Rawalpindi on Tuesday.
The dollar opened at Rs 60.15 (buying) and Rs 60.25 (selling) against same last rate. It did not observe any further change in the second spell and closed at Rs 60.15 (buying) and Rs 60.25 (selling).
Pound sterling opened at Rs 103 (buying) and Rs 103.40 (selling) against same previous rate. It did not observe any change in the second session and closed at Rs 103 (buying) and Rs 103.40 (selling).