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Bearish sentiment was seen in the interbank market on Tuesday as the rupee drifted lower against dollar, losing four paisa for buying at Rs 60.70 and also lost three paisa for selling at Rs 60.68, respectively. At the end of final quarter of the current fiscal year, the dollars are in demand by the different banks to for importers, moneychangers said.
In the international markets, the yen continued its weakness as it hung near a record low against euro and a seven-week trough versus dollar and was expected to stay pressured after the Group of Seven appeared to give a green light for yen selling.
The euro traded around 161.85 yen, not far from an all-time high 162.43 yen touched on Monday, when the yen tumbled across the board after G7 finance officials at the weekend glossed over the issue of the yen's recent weakness.
OPEN MARKT RATES: Euro could not retain its overnight firmness against the rupee, shedding 12 paisa for buying and selling at Rs 81.92 and Rs 82.02, respectively.
In line with the global market trend, the single European currency also lost its gains in the local markets, dealers said. While, the rupee maintained its overnight levels against dollar for buying and selling at Rs 60.75 and Rs 60.85, dealers said.



================================
Buying Rs 60.75
Selling Rs 60.85
================================

INTERBANK CLOSING RATES: Interbank closing rates for dollar on Tuesday



==============================
Buying Rs 60.66
Selling Rs 60.68
==============================
=================================================================
Repo Rates (Yield p a)
-----------------------------------------------------------------
Tenor Low Bid High Bid Low Offer High Offer Average
=================================================================
Overnight 8.10 8.75 8.25 9.00 8.53
1-Week 8.60 8.75 8.70 8.80 8.71
2-Weeks 8.65 8.75 8.75 8.80 8.74
1-Month 8.70 8.80 8.80 8.90 8.80
2-Months 8.70 8.85 8.80 8.95 8.83
3-Months 8.75 8.95 8.80 9.00 8.88
4-Months 8.80 8.90 8.85 9.00 8.89
5-Months 8.80 9.00 8.90 9.10 8.95
6-Months 8.85 9.00 8.90 9.15 8.98
9-Months 8.85 9.10 9.00 9.20 9.04
1-Year 8.90 9.10 9.10 9.25 9.09
=================================================================
Call Rates (Yield p a)
-----------------------------------------------------------------
Tenor Low Bid High Bid Low Offer High Offer Average
=================================================================
Overnight 8.50 9.00 8.75 9.25 10.05
1-Week 9.00 9.25 9.10 9.40 9.75
2-Weeks 9.00 9.25 9.25 9.50 10.01
1-Month 9.00 9.50 9.25 9.75 10.38
2-Months 9.25 10.00 9.60 10.25 10.62
3-Months 9.50 10.00 9.75 10.25 10.77
4-Months 9.75 10.25 10.00 10.50 10.98
5-Months 10.00 10.50 10.25 10.75 11.19
6-Months 10.25 10.50 10.50 10.75 11.43
9-Months 10.25 10.75 10.75 11.25 10.75
1-Year 10.50 11.00 10.75 11.25 10.88
=================================================================

RUPEE IN LAHORE: The rupee showed strength and appreciated its worth by 10-paisa on buying side at Rs 60.70 and 5-paisa on selling side at Rs 60.85 in relation to the greenback in the local currency markets on Tuesday.
According to the currency dealers, the dollar resumed trading at overnight closing levels of Rs 60.80 and Rs 60.90 as its buying and selling rates, respectively. In the absence of buyers, the dollar could not sustain and declined to Rs 60.70 and Rs 60.85 on buying and selling sides, respectively, the dealers said.
On the contrary, the local currency could not maintain its position and registered loss against the pound sterling. The pound's buying rate increased from Monday's closing of Rs 120.00 to Rs 121.05 while selling rate moved up from Rs 120.50 to Rs 121.35, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged at the open currency markets of Islamabad and Rawalpindi on Tuesday.
The dollar opened at Rs 60.75 (buying) and Rs 60.85 (selling) against the same previous rate. It did not observe any change in the evening spell and closed at Rs 60.75 (buying) and Rs 60.85 (selling). Pound Sterling opened at Rs 119 (buying) and Rs 119.20 (selling) against the same previous rate. It did not observe any change in the second spell and closed at Rs 119 (buying) and Rs 119.20 (selling).
Copyright Business Recorder, 2007

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