Bearish sentiment prevailed in the interbank market on Wednesday as the rupee lost four paisa versus the dollar for buying at 60.07 and five paisa for selling at 60.09 on higher demand for the greenback, dealers said.
Payment requirements pushed the dollar value up in the interbank market. The rupee may recover lost ground on future easy supply of dollars, they expect.
The Reuters adds; the dollar hovered close to the previous day's seven-month low against the euro on Wednesday as top European Central Bank officials suggested the pace of euro zone interest rate increases could accelerate.
ECB executive board member Lorenzo Bini Smaghi said that if the European economic recovery strengthened, the central bank would adjust rates to avoid inflation.
OPEN MARKET RATES: The rupee managed to hold the prevailing levels in terms of the dollar for buying and selling at 60.30 and 60.40, they said.
The rupee also extended its overnight fall, shedding 15 paisa versus the euro for buying and selling at Rs 74.35 and Rs 74.45, they said.
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Buying Rs 60.30
Selling Rs 60.40
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Wednesday.
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Buying Rs 60.07
Selling Rs 60.09
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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 8.90 8.95 8.90 8.95 8.93
1-Week 8.80 8.90 8.90 8.95 8.89
2-Week 8.70 8.75 8.80 8.85 8.78
1-Month 8.65 8.75 8.75 8.80 8.74
2-Months 8.60 8.70 8.70 8.75 8.69
3-Months 8.55 8.70 8.70 8.75 8.68
4-Months 8.50 8.65 8.65 8.70 8.63
5-Months 8.55 8.65 8.70 8.75 8.66
6-Months 8.60 8.75 8.70 8.85 8.73
9-Months 8.70 8.80 8.80 8.90 8.80
1-Year 8.70 8.80 8.80 8.90 8.80
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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 9.00 9.25 9.35 9.50 9.28
1-Week 9.00 9.15 9.25 9.50 9.23
2-Week 9.00 9.25 9.10 9.50 9.21
1-Month 9.00 9.40 9.25 9.50 9.29
2-Months 8.90 9.25 9.10 9.50 9.19
3-Months 9.10 9.40 9.30 9.60 9.35
4-Months 9.15 9.50 9.40 9.75 9.45
5-Months 9.20 9.60 9.50 9.80 9.53
6-Months 9.25 9.60 9.55 9.80 9.55
9-Months 9.50 10.00 9.80 10.25 9.89
1-Year 9.60 10.00 9.80 10.25 9.91
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RUPEE IN LAHORE: The rupee remained stable as it recovered some of its earlier losses in relation to the pound sterling in the local currency markets on Wednesday.
According to the currency dealers, the dollar-rupee parity remained unchanged on Wednesday. The dollar's trading resumed at Tuesday's closing rates of Rs 60.30 and Rs 60.40 on buying and selling sides, respectively. There was no visible change in the dollar's worth during the day's trading which was closed at the opening levels, the dealers said.
On the contrary, the rupee showed strength and closed higher after recovering some of its earlier losses. The pound's buying rate declined from Rs 107.00 to Rs 106.80, while selling rate moved down from Rs 107.30 to Rs 107.20, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar in the open currency markets of Islamabad and Rawalpindi on Wednesday.
The dollar opened at Rs 60.30 (buying) and Rs 60.40 (selling) against the last rate. It did not observe any further change by the end of second session, and closed at Rs 60.30 (buying) and Rs 60.40 (selling).
Pound sterling opened at Rs 107.00 (buying) and Rs 107.20 (selling) against the last rate. The British currency did not witness any fluctuation, and closed at Rs 107.00 (buying) and Rs 107.20 (selling).
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