Sliding trend was seen in the open market on Thursday on increased demand for dollars by the corporate sector, resultantly the rupee suffered modest decline, shedding 10 paisa for buying at 59.90 and losing five paisa on the selling counter at 59.95, moneychangers said. The market players observed the higher demand for dollars was to meet the major payments ahead of the holiday on account of the Eid Milad-un-Nabi (SAW).
Banks' demand for the US currency eroding the rupee's firm sentiment and it seems that the rupee might lose marginally ahead of the federal budget 2005-06, experts said.
Recent rise in the oil prices the world over had turned the import bills higher and this sole factor is pushing the dollar demand up in the local market, dealers said.
Otherwise, the rupee was steadier for a long time as the market players did not observe any unusual dollar buying, analysts said.
The rupee continued its overnight weakness versus the euro, losing 25 paisa for buying and selling at 78.15 and Rs 78.45 on expanding the single European currency's value in the world markets, dealers said.
In the international markets, slowing economic growth in the United States kept the dollar in the minus column, drifting lower versus the euro and yen, dealers said.
INTERBANK RATES: The rupee inched down versus the dollar for buying and selling at 59.45 and 59.46 on rising value of the greenback, marketmen said.
They, however, said that the rupee might not show sharp fall as the State Bank of Pakistan (SBP) was providing dollars for major oil payments.
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Kerb Buying Rs 59.90
Kerb Selling Rs 59.95
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Thursday.
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Buying Rs 59.44
Selling Rs 59.45
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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 3.50 1.00 4.00 2.25
1-Week 4.00 4.25 4.50 4.75 4.38
2-Week 4.75 5.00 5.25 5.50 5.13
1-Month 5.50 5.70 6.00 6.50 5.93
2-Months 5.70 5.90 6.10 6.25 5.99
3-Months 5.90 6.10 6.25 6.40 6.16
4-Months 6.25 6.40 6.60 6.90 6.54
5-Months 6.40 6.70 7.00 7.25 6.84
6-Months 6.70 6.90 7.25 7.50 7.09
9-Months 7.00 7.25 7.50 7.75 7.38
1-Year 7.25 7.50 7.75 8.00 7.63
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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 1.50 6.00 2.00 6.50 4.00
1-Week 4.75 5.00 5.75 6.00 5.38
2-Week 5.50 5.75 6.00 6.25 5.88
1-Months 6.00 6.25 6.75 7.00 6.50
2-Months 6.25 6.40 6.90 7.20 6.69
3-Months 6.75 7.00 7.25 7.40 7.10
4-Months 6.90 7.10 7.40 7.50 7.23
5-Months 7.00 7.20 7.50 7.70 7.35
6-Months 7.40 7.60 7.80 8.00 7.70
9-Months 7.75 7.90 8.10 8.30 8.01
1-Year 8.00 8.25 8.50 8.70 8.36
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RUPEE IN LAHORE: The dollar-rupee parity remained unchanged amid sluggish trading trend in the local currency markets on Thursday.
According to the currency dealers, there was no change in dollar's demand and supply condition, which provided stability to the local currency. The dollar's trading commenced at overnight closing rates of Rs 59.80 and Rs 59.90 on buying and selling counters, respectively. The opening rates continued to prevail throughout the day's trading, the dealers added.
On the contrary, the local currency maintained downward slide and further depreciated its worth against the pound sterling. The pound's buying rate moved up from Wednesday closing rate of Rs 114.00 to Rs 114.10 and selling rate increased from Rs 114.70 to Rs 114.80, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The buying and selling rates of the dollar against the rupee remained unchanged at the open currency markets of Islamabad and Rawalpindi on Thursday.
The dollar opened at Rs 59.90 (buying) and Rs 60 (selling) against the last rate. It did not observe any further change in the second spell, and closed at Rs 59.90 (buying) and Rs 60 (selling).
Pound sterling opened at Rs 113.55 (buying) and Rs 114 (selling) against the previous rate. It did not observe any change in the second session, and closed at Rs 113.55 (buying) and Rs 114 (selling).
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