The rupee failed to break the jinx on Thursday, hitting all-time low versus the dollar on both open and interbank markets, dealers said. The rupee lost eight paisa against the dollar for buying at 86.28. It shed seven paisa for selling at 86.32, they said.
Commenting on the present trend in the currency market, some money experts said as a result of excessive dollar buying to clear oil import payments, the rupee lost its firmness against the US currency.
INTERBANK MARKET RATES: They said implementation of Reformed General Sales Tax (RGST) most likely to inflate prices and would cause rise in inflation despite the fact that the central bank raised the policy rate Wednesday in order to control inflation. The State Bank raised the rate by 50 basis points to 13.5 percent. Wednesday's rate hike was second in succession. Leading economists expect another rate hike in next two months, they said. Moneychangers were of the opinion that the traders prefer to have dollar stocks on post-RGST scenario.
Some dealers said even though there had been some foreign inflows, they were not enough to help strengthen the rupee. They expect the PKR to weaken further. The rupee has lost 1.19 percent of its value this year, after falling 6.17 percent in 2009, they added. In the fourth Asian trade, the euro extended its losses against the dollar and yen after Ireland's central bank put the price of bailing out Anglo Irish Bank at 34 billion euros ($46 billion).
The euro initially held steady against the dollar after the announcement but then came under pressure. The euro also dropped against yen, with its losses gaining steam after triggering stop-loss offers below 113.50 yen, traders said. Yuan closed lower against the dollar on Thursday, but the Chinese currency in September scored its biggest monthly gain since its landmark revaluation in July 2005. The People's Bank of China (PBOC) engineered a pullback in the yuan against the dollar on Thursday after it had generally allowed the yuan to rise in the month. The move was seen as signalling that Beijing may heed US appeals to let the yuan appreciate but it has a limit to what it may concede. Malaysian ringgit was available at 3.0845 versus the dollar and Chinese yuan was trading at 6.6909 in terms of the greenback.
OPEN MARKET RATES: The rupee continued its fall in relation to the greenback, slipping five paisa for buying at 86.30 and dropping by 10 paisa for selling at 86.50, they said. The rupee also extended its erosion in terms of euro, losing 71 paisa for buying and selling at Rs 116.78 and Rs 117.28, they added.
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Open Buying Rs 86.30
Open Selling Rs 86.50
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday.
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Buying Rs 86.28
Selling Rs.86.32
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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 10.50 11.25 10.60 11.50 10.96
1-Week 11.15 12.10 11.90 12.20 11.84
2-Week 11.35 12.40 12.10 12.50 12.09
1-Month 11.75 12.40 12.25 12.50 12.23
2-Months 12.25 12.70 12.50 12.80 12.56
3-Months 12.40 12.75 12.60 12.85 12.65
4-Months 12.50 12.75 12.75 12.85 12.71
5-Months 12.60 12.90 12.85 13.00 12.84
6-Months 12.60 12.90 12.90 13.00 12.85
9-Months 12.65 13.00 12.95 13.10 12.93
1-Year 12.65 13.00 13.00 13.15 12.95
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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 10.50 11.25 10.60 11.50 10.96
1-Week 11.50 12.25 12.00 12.35 12.03
2-Week 11.75 12.50 12.20 12.60 12.26
1-Month 12.25 12.50 12.60 12.75 12.53
2-Months 12.40 12.80 12.80 12.95 12.74
3-Months 12.50 12.90 12.85 13.00 12.81
4-Months 12.60 13.00 13.00 13.10 12.93
5-Months 12.70 13.10 13.10 13.20 13.03
6-Months 12.80 13.25 12.90 13.35 13.08
9-Months 12.90 13.30 13.10 13.40 13.18
1-Year 13.10 13.40 13.20 13.45 13.29
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RUPEE IN LAHORE: The Pak rupee continued downward move for the fourth consecutive day and further declined by 20-paisa on buying side and 40-paisa on selling side against the greenback in the open currency market on Thursday.
According to the currency dealers, because of increase in dollar's demand, its rate kept on moving up throughout the day. As a result, the dollar was closed higher at Rs 86.50 and Rs 87.00 against the Wednesday closing of Rs 86.30 and Rs 86.60, respectively.
Similarly the rupee could not get out of pressure and further depreciated its worth against the pound sterling. The pound was purchased and sold at Rs 135.50 and Rs 136.60, as compared to overnight closing of Rs 135.00 and Rs 136. 00, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The buying and selling rate of rupee against dollar remained unchanged at the open currency markets of Islamabad and Rawalpindi here on Thursday.
The dollar resumed trading at Rs 84.71 (buying) and Rs 85.00 (selling) against the last rate. It did not observe further change in the evening session and closed at Rs 83.20 (buying) and Rs 85.20 (selling).
Pound Sterling opened at Rs 128.29 (buying) and Rs 132.12 (selling) against the previous rate of Rs 128.16 (buying) and Rs 132.02 (selling). It did not observe further change in the last trading hours and closed at Rs 128.29 (buying) and Rs 132.12 (selling).
UAE Dirham opened at Rs 22.88 (buying) and Rs 23.37 (selling) in the morning session against the last rate of Rs 22.88 (buying) and Rs 23.37 (selling). The value of Dirham against the rupee remained unchanged in evening session and closed at Rs 22.88 (buying) and Rs 23.37 (selling).
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