The rupee failed to extend it's year-end rally in the interbank market on Tuesday following the rising demand for dollar by the local banks, showing a decline of eight paisa in the interbank market for buying and selling at 59.81 and 59.83, currency analysts said.
A significant rise was seen in dollars' buying as most of the international markets resume their business after observing Christmas and New Year holidays, money experts said.
In Asia some trading centres kept their shelter down due to long holidays on account of New Year celebrations, dealers said.
The National Bank, Muslim Commercial Bank and some other banks bought nearly 50 million dollars to meet the importers demand as almost all overseas markets resumed their routine businesses, they said.
In the international markets, the dollar drifted lower against most of the currencies following the news that the Federal Reserve tightened its monetary policy, which means a weak run for the dollar during the current year, moneychangers said.
Rush for dollar was expected as all the world markets reopened after the New Year holidays, they said. Anyhow, the rupee is to recover its losses in the coming days as the central bank is keeping watch over the currency business in forex, they said.
Market players hope that under the practical and corrective measures of the newly appointed governor of the State Bank of Pakistan (SBP) Dr Shamshad Akhter, the country's economy will improve significantly.
It is for the first time in the country's history that a lady was appointed the governor of the central bank, money experts said.
OPEN MARKET RATES: The rupee gave up its firmness versus the dollar in the open market, slipping five paisa for buying and selling at 59.80 and 59.90, respectively.
================================
Kerb Buying Rs 59.80
Kerb Selling Rs 59.90
================================
INTERBANK CLOSING RATES: Interbank closing rates for dollar on Tuesday.
==============================
Buying Rs 59.81
Selling Rs 59.83
==============================
=================================================================
Repo Rates (Yield p a)
-----------------------------------------------------------------
Tenor Low Bid High Bid Low Offer High Offer Average
=================================================================
Overnight 3.50 8.75 5.50 8.90 6.66
1-Week 6.00 7.50 7.50 7.75 7.19
2-Week 6.50 7.50 7.50 8.00 7.38
1-Month 7.60 7.80 7.90 8.10 7.85
2-Months 7.75 8.00 8.05 8.15 7.99
3-Months 7.90 8.10 8.10 8.25 8.09
4-Months 8.00 8.20 8.15 8.30 8.16
5-Months 8.10 8.20 8.20 8.30 8.20
6-Months 8.20 8.20 8.35 8.40 8.29
9-Months 8.40 8.50 8.60 8.65 8.54
1-Year 8.50 8.55 8.65 8.75 8.61
=================================================================
Call Rates (Yield p a)
-----------------------------------------------------------------
Tenor Low Bid High Bid Low Offer High Offer Average
=================================================================
Overnight 6.00 9.25 8.00 10.00 8.31
1-Week 7.75 9.00 8.00 9.50 8.56
2-Week 8.00 9.00 8.25 9.25 8.63
1-Month 8.00 9.00 8.75 9.50 8.81
2-Months 8.10 8.50 8.50 9.25 8.59
3-Months 8.50 9.00 9.00 9.75 9.06
4-Months 8.50 9.00 9.25 9.50 9.06
5-Months 8.90 9.25 9.25 9.50 9.23
6-Months 9.00 9.25 9.25 9.50 9.25
9-Months 9.00 9.50 9.50 10.00 9.50
1-Year 9.25 10.00 9.75 10.25 9.81
=================================================================
RUPEE IN LAHORE: The rupee lost its worth by five-paisa in relation to the greenback in the local currency markets on Tuesday.
According to the currency dealers, the dollar's trading commenced at Saturday's closing rates of Rs 59.80 and Rs 59.90 on buying and selling counters, respectively. As a result of fresh buying, the dollar moved up and finally closed at Rs 59.85 and Rs 59.95 on buying and selling sides, respectively, the dealers added.
Similarly, the local currency remained under pressure and registered loss against the pound sterling. The pound's buying rate improved from Rs 102.50 to Rs 102.80, while selling rate increased from Rs 103.00 to Rs 103.20, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The buying and selling rates of the dollar against the rupee remained unchanged in the open currency markets of Rawalpindi and Islamabad on Tuesday.
The dollar opened at Rs 59.80 (buying) and Rs 59.90 (selling) against the previous rate. It did not witness any further change in the evening session and closed at Rs 59.80 (buying) and Rs 59.90 (selling).
The pound sterling opened at Rs 102.70 (buying) and Rs 102.90 (selling) in the morning session. It did not witness any major fluctuation in the second session and closed at Rs 102.70 (buying) and Rs 102.90 (selling).
Comments
Comments are closed.