Rising demand for dollars pushed the rupee to cross the barrier of 87 on the open market on Tuesday, dealers said. This was the forward buying of dollars which caused an erosion of rupee value, currency experts said.
INTERBANK MARKET RATES: The rupee continued its fall versus dollar. Losing 10 paisa for buying and selling at 87.28 and 87.33, they said. In the second Asian trade the New Zealand dollar hit a one-month peak, as it led a pack of commodity currencies higher amid improved risk appetite. The Australia dollar held onto hefty gains.
The kiwi surprised with the strength of its gains as Asia-Pacific markets followed the lead of regional stocks. Dealers said the currency had been in demand following an offshore risk asset rally on encouraging US data and European news that seemed to have soothed recession fears for now.
It gained further momentum when the kiwi moved through the key $0.8500 level which triggered some stop-loss buying. "There has been some kiwi buying against the US (dollar), a little bit against the Aussie as well, but kiwi against the euro is the major one," said ASB Bank head of institutional FX sales Tim Kelleher.
The dollar was trading at Rs 45.96 against the Indian rupee. China's yuan closed up at 6.3807 versus dollar after hitting an all-time peak in intraday trade on Tuesday as the People's Bank of China set another record high mid-point, with traders predicting further rises for the rest of the year.
OPEN MARKET RATES: The rupee rose by 10 paisa in relation to the dollar for buying and selling at 86.80 and 87.00, they added. The rupee, however, recovered 83 paisa in terms of euro for buying and selling at Rs 125.01 and Rs 125.51, they said.
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Open Buying Rs 86.80
Open Selling Rs 87.00
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday.
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Buying Rs.87.28
Selling Rs.87.33
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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 13.40 13.45 13.40 13.45 13.43
1-Week 13.10 13.30 13.35 13.40 13.29
2-Week 12.90 13.10 13.10 13.25 13.09
1-Month 12.90 13.10 13.20 13.30 13.13
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
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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 13.40 13.45 13.40 13.45 13.43
1-Week 13.15 13.30 13.35 13.40 13.30
2-Week 12.95 13.15 13.20 13.35 13.16
1-Month 12.90 13.10 13.25 13.35 13.15
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
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RUPEE IN LAHORE: The rupee failed to maintain its position and lost 15-paisa on buying side and 20-paisa on selling side in relation to the greenback in the local currency market on Tuesday.
According to the currency dealers, the dollar resumed trading at its overnight closing of Rs 86.70 and Rs 87.00, as its buying and selling rates, respectively. As a result of fresh demand, the dollar registered gain and finally ended higher at Rs 86.85 and Rs 87.20 on buying and selling sides, respectively.
Similarly, the rupee remained under pressure and was declined against the pound sterling. The pound's buying and selling rates were increased from Monday closing of Rs 141.50 and Rs 142.00 to Rs 141.50 and Rs 142.20, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi here on Tuesday.
The dollar opened at Rs 86.02 (buying) and Rs 86.30 (selling) against the last week's rate. It did not observe further change in the second session and closed at Rs 86.02 (buying) and Rs 86.30 (selling).
Pound Sterling opened at Rs 138.35 (buying) and Rs 138.50 (selling) against the overnight value. British currency did not observe further change in the evening session and closed at Rs 138.35 (buying) and Rs 138.50 (selling).
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