All-round declines were seen in the currency market on Tuesday as the rupee drifted lower against dollar and euro, dealers said. The rupee fell against dollar bt three paisa in the interbank market for buying and selling at Rs 60.68 and Rs 60.70, they said.
Increasing demand for dollars to make payments, pushed down the rupee and it is likely the rupee may face slight fall in the coming days, they said. Major difference between exports and imports widening the trade deficit to a provisional 1.14 billion dollars in May from 1.07 billion dollars in April but was down 1.74 percent as compared with May 2006, report said.
It is seasonal fall in the value of the rupee but "we cant reject the idea of gradual decline against dollar", moneychangers said. In the world market dollar was firm against euro and the yen for market focused on the US bond yields, while the New Zealand dollar inched up from lows hit the previous day after the Reserve Bank of New Zealand intervened.
The market was closely watching whether benchmark 10-year US Treasury yields would re-test last week's peak of 5.25 percent to determine how much further the US currency could advance, traders said.
OPEN MARKET RATES: The rupee did not show any change for buying against dollar at Rs 60.90 while it shed for selling two paisa at Rs 61.00. against dollar, dealers said. The rupee, however, lost seven paisa against euro for buying and selling at Rs 81.22 and Rs 81.32, they said.
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Kerb Buying Rs 60.90
Kerb Selling Rs 61.00
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Tuesday.
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Buying Rs 60.68
Selling Rs 60.70
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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 6.50 8.75 7.00 8.90 7.79
1-Week 8.50 8.75 8.60 8.85 8.68
2-Weeks 8.80 9.00 8.90 9.10 8.95
1-Month 8.85 9.00 8.90 9.05 8.95
2-Months 8.80 8.90 8.90 9.00 8.90
3-Months 8.80 8.95 8.90 9.00 8.91
4-Months 8.85 9.00 8.95 9.05 8.96
5-Months 8.90 9.00 9.00 9.10 9.00
6-Months 8.90 9.05 9.00 9.15 9.03
9-Months 8.90 9.10 9.05 9.20 9.06
1-Year 8.90 9.15 9.10 9.25 9.10
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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 6.75 8.90 7.00 9.00 7.91
1-Week 8.75 9.00 8.90 9.20 8.96
2-Weeks 9.00 9.40 9.20 9.50 9.28
1-Month 9.25 9.50 9.40 9.60 9.44
2-Months 9.40 9.60 9.50 9.75 9.56
3-Months 9.40 9.60 9.50 9.75 9.56
4-Months 9.50 9.75 9.75 10.00 9.75
5-Months 9.75 10.00 10.00 10.25 10.00
6-Months 9.75 10.00 10.00 10.25 10.00
9-Months 10.00 10.25 10.50 10.75 10.38
1-Year 10.00 10.50 10.50 10.75 10.44
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RUPEE IN LAHORE: The Pak rupee-dollar parity remained unchanged amid sluggish trading trend in the local currency markets on Tuesday.
According to the currency dealers, there was no change in dollar's demand and supply condition which helped rupee maintain its position. The dollar resumed trading at overnight closing level of Rs 60.90 and Rs 61.00 as its buying and selling rates, respectively. The opening rates continued to prevail throughout the day and finally closed at the same level, the dealers added.
On the contrary, the rupee could not get out of pressure and further lost its value against the pound sterling. The pound's buying rate improved from Monday's closing of Rs 119.80 to Rs 120.0 while its selling rate moved up from Rs 120.10 to Rs 120.30, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar party remained unchanged at the open currency markets of Islamabad and Rawalpindi on Tuesday.
The dollar opened at Rs 60.80 (buying) and Rs 60.90 (selling) against same previous rate. It did not observe any change in the evening session and closed at Rs 60.80 (buying) and Rs 60.90 (selling).
Pound Sterling opened at Rs 119.80 (buying) and Rs 119.90 (selling) against same previous rate. It did not observe further fluctuation in the second spell and closed at Rs 119.80 (buying) and Rs 119.90 (selling).
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