The dollar hit the high level at Rs 87 at one point on the money market on Saturday on the forward buying of the greenback market, dealers said. Currency experts attributed the fresh low to negative sentiment about the country's economic outlook, as well as the deteriorating security situation in country's financial hub Karachi.
They also said that they expect the currency to remain under pressure, as dollar payments are typically higher in July and August because of stronger oil demand and debt payments.
INTERBANK MARKET RATES: The rupee shed 11 paisa in relation to the dollar for buying at 86.95 and lost 10 paisa for selling at 86.98 in process of forward buying of greenback, they said. At the weekend, US dollar plumbed a record low against yen and weakened against euro, but respite may be in sight for the greenback if the global economic landscape gets gloomier and feeds a safe-haven bid.
The euro has gained about 0.3 percent against dollar so far in August while the greenback has lost around 1.2 percent versus yen. The dollar fell against yen on Friday by a Wall Street Journal report cited Japan's top currency official saying Japanese authorities do not plan to intervene often.
OPEN MARKET RATES: In line with the interbank track, the rupee shed 10 paisa versus US currency for buying and selling at 86.55 and 86.75, they added. The rupee also fell versus euro, losing Rs 1.2 for buying and selling at Rs 124.29 and Rs 124.79, they said.
========================
Open Buying Rs 86.55
Open Selling Rs 86.75
========================
Interbank Closing Rates: Interbank Closing Rates For Dollar on Sunday.
========================
Buying Rs 86.95
Selling Rs.86.98
========================
=================================================================
Repo Rates (Yield p a)
-----------------------------------------------------------------
Tenor Low Bid High Bid Low Offer High Offer Average
=================================================================
Overnight 12.50 13.30 12.75 13.40 12.99
1-Week 12.90 13.10 13.15 13.25 13.10
2-Week 13.00 13.15 13.20 13.30 13.16
1-Month 13.00 13.10 13.20 13.30 13.15
2-Months 13.00 13.10 13.20 13.30 13.15
3-Months 13.00 13.15 13.25 13.30 13.18
4-Months 13.00 13.20 13.25 13.30 13.19
5-Months 13.00 13.20 13.25 13.30 13.19
6-Months 13.05 13.20 13.25 13.30 13.20
9-Months 13.15 13.25 13.35 13.40 13.29
1-Year 13.20 13.30 13.35 13.40 13.31
=================================================================
Call Rates (Yield p a)
-----------------------------------------------------------------
Tenor Low Bid High Bid Low Offer High Offer Average
=================================================================
Overnight 12.50 13.30 12.80 13.40 13.00
1-Week 13.00 13.15 13.20 13.30 13.16
2-Week 13.00 13.20 13.25 13.35 13.20
1-Month 13.10 13.15 13.30 13.35 13.23
2-Months 13.05 13.15 13.30 13.35 13.21
3-Months 13.05 13.15 13.30 13.35 13.21
4-Months 13.00 13.20 13.30 13.35 13.21
5-Months 13.00 13.20 13.30 13.40 13.23
6-Months 13.05 13.20 13.30 13.40 13.24
9-Months 13.15 13.25 13.40 13.40 13.30
1-Year 13.20 13.30 13.40 13.45 13.34
=================================================================
RUPEE IN LAHORE: The rupee continued to decline on Saturday and further lost 15-paisa on buying side and 5-paisa on selling side against the dollar in the local currency market.
According to the currency dealers, the rupee could not get out of the pressure and further slide down in the open market. The dollar moved up and finally ended at Rs 86.60 and Rs 86.80 against the overnight closing of Rs 86.45 and Rs 86.75 on buying and selling side, respectively.
However, the rupee recovered some of its earlier loss and showed improvement against the pound sterling. The pound was purchased and sold at Rs 142.40 and Rs 142.80, as compared to Friday closing of Rs 142.50 and Rs 143.50, respectively.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar resumed trading at Rs 86.00 (buying) and Rs 86.30 (selling) against the last rate. It did not observe further change in the second session and closed at Rs 86.00 (buying) and Rs 86.30 (selling).
Pound Sterling opened at Rs 138.30 (buying) and Rs 138.50 (selling) against the overnight value. It did not observe further change in the evening session and closed at Rs 138.30 (buying) and Rs 138.50 (selling).
Comments
Comments are closed.