The State Bank's directive last week to the banks to procure interbank dollars to clear oil payments, forced the rupee to breach the barrier of 80 on the interbank market on Tuesday, dealers said. On the interbank market, the rupee fell sharply, losing 50 paisa for buying at 80.10 and it lost 55 paisa for selling at 80.20, they added.
Thus, the rupee has lost nearly 80 paisa versus the dollar since the week started, they said. And it looks the rupee may show further weakness or might move at the present levels for near-term, they said. The importers bought about 50 million dollars to meet the oil payments, they added.
During the second session trade in Asia, the dollar gained against a basket of currencies on Tuesday as the pound extended losses to a seven-year low versus the greenback, after Royal Bank of Scotland recorded the biggest loss in British corporate history and revived concerns about the global banking sector. Sterling also hit a record low against yen after the impact of Britain's rescue plans quickly dissipated in the face of tumbling European shares.
OPEN MARKET RATES: The rupee halted sharp losses versus dollar on the open market, slipping 10 paisa for buying at 79.30 and also shedding 20 paisa for selling at 79.70, they said. The rupee, however, managed to show it's strength versus euro as the single European currency and the sterling were sharply down in the world market, they said. The rupee made solid gains of Rs 2.00 against euro for buying and selling at Rs 104.00 and Rs 106.00, respectively.
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Open Buying Rs 79.30
Open Selling Rs 79.70
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Interbank Closing Rates: Interbank Closing Rates For Dollar On Tuesday.
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Buying Rs 80.10
Selling Rs 80.20
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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 6.00 13.50 6.50 14.00 10.00
1-Week 9.25 9.90 9.50 10.00 9.66
2-Week 10.25 10.75 10.75 11.00 10.69
1-Month 11.50 12.00 11.75 12.25 11.88
2-Months 12.60 13.00 12.85 13.20 12.91
3-Months 13.25 13.50 13.50 13.75 13.50
4-Months 13.25 13.75 13.75 14.00 13.69
5-Months 13.50 13.75 13.75 14.00 13.75
6-Months 13.60 14.00 14.00 14.25 13.96
9-Months 13.90 14.20 14.25 14.50 14.21
1-Year 14.00 14.25 14.30 14.55 14.28
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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 7.00 14.00 8.00 14.50 10.88
1-Week 12.00 13.00 12.50 14.00 12.88
2-Week 12.00 13.50 13.00 14.00 13.13
1-Month 13.00 14.50 14.00 14.50 14.00
2-Months 14.00 15.00 15.00 15.50 14.88
3-Months 14.50 15.50 15.00 16.00 15.25
4-Months 15.00 15.50 15.50 16.00 15.50
5-Months 15.50 16.00 16.00 16.50 16.00
6-Months 15.50 16.50 16.50 17.00 16.38
9-Months 16.00 16.75 16.50 17.00 16.56
1-Year 16.50 16.75 16.75 17.50 16.88
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RUPEE IN LAHORE: The rupee lost 50 paisa in relation to dollar in Lahore currency market on Tuesday. The dollar resumed trading at Rs 79.40 and Rs 79.90 for buying and selling, respectively. At the end of trading, the dollar was higher at Rs 79.50 and Rs 80.00 against Monday's Rs 79.00 and Rs 79.50 for buying and selling, respectively, dealers said. However, the rupee appreciated against the British pound. The pound slid to Rs 114.50 and Rs 116.00 as compared to overnight rates of Rs 115.50 and Rs 116.60 on buying and selling sides, respectively, they said.
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