After breaching the psychological level of 84 on Monday, the rupee continued its weakness versus dollar in the interbank market on Tuesday, shedding three paisa for buying at 84.15 and two paisa for selling at 84.20, dealers said.
Some analysts said that the rupee fell sharply against dollar after the State Bank of Pakistan's (SBP) decision that the private sector or commercial banks to make payment for oil import bills from December 14, 2009 instead of February 2010.
Some brokers said that as a result of forward buying of dollar by different quarters, it is felt that the rupee may suffer further downfall in the near future. In the meantime, exports may depict improvement in the coming days as the dollar is rising and nobody can guess about the new highs. In the second Asian trade dollar fell and yen rose after senior Federal Reserve officials curbed speculation of a quick rise in US rates that had sent the greenback smartly higher after a promising jobs report last week.
OPEN MARKET RATES: In sympathy, the rupee also crossed the barrier of 84 in the open market, falling 15 paisa for buying and selling at 83.90 and 84.00, dealers said. The rupee, however, gave up its overnight firmness in relation to euro, losing 90 paisa for buying and selling at Rs 123.40 and Rs 123.90, they said.
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Open Buying Rs 83.90
Open Selling Rs.84.00
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday.
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Buying Rs.84.15
Selling Rs.84.20
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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 11.90 12.10 12.00 12.20 12.05
1-Week 11.75 11.90 12.00 12.05 11.93
2-Week 11.75 12.00 12.00 12.10 11.96
1-Month 11.80 12.00 12.10 12.15 12.01
2-Months 11.85 12.00 12.10 12.15 12.03
3-Months 11.85 12.10 12.10 12.15 12.05
4-Months 11.90 12.10 12.10 12.15 12.06
5-Months 11.90 12.05 12.00 12.15 12.03
6-Months 11.90 12.10 12.00 12.15 12.04
9-Months 11.90 12.10 12.00 12.15 12.04
1-Year 11.90 12.10 12.10 12.20 12.08
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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 11.90 12.15 12.00 12.25 12.08
1-Week 11.90 12.20 12.20 12.30 12.15
2-Week 12.00 12.25 12.20 12.30 12.19
1-Month 12.00 12.25 12.10 12.30 12.16
2-Months 12.00 12.25 12.15 12.30 12.18
3-Months 12.00 12.25 12.15 12.30 12.18
4-Months 12.10 12.25 12.15 12.30 12.20
5-Months 12.10 12.30 12.20 12.35 12.24
6-Months 12.15 12.30 12.25 12.35 12.26
9-Months 12.15 12.40 12.35 12.45 12.34
1-Year 12.25 12.45 12.40 12.50 12.40
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RUPEE IN LAHORE: The rupee lost 20 paisa on buying side and 10 paisa on selling side against dollar in Lahore currency market on Tuesday. According to dealers, the dollar was purchased and sold at Rs 83.80 and Rs 84.10 against overnight closing rates Rs 83.60 and Rs 84.00, respectively. However, the rupee remained unchanged against British pound. The pound resumed trading at Monday closing of Rs 136.50 and Rs 137.50 as its buying and selling rates, respectively. The pound recorded fractional change in its worth during the day's trading but finally closed at the opening level, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained firm against rupee at the currency markets of Islamabad and Rawalpindi on Tuesday. The dollar opened at Rs 83.30 (buying) and Rs 83.40 (selling) against same last rates. It did not observe further change in the evening session and closed at Rs 83.30 (buying) and Rs 83.40 (selling). Pound sterling opened at Rs 135.50 (buying) and Rs 135.80 (selling) against same overnight values. It did not observe any further fluctuation by the end of evening session and closed at Rs 137 (buying) and Rs 137.10 (selling).
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