The rupee battering continued unabated in the Interbank Forex Market as it shed 3.0 to 4.0 paisa versus the greenback during the day.
The "spot" market opened with the US dollar changing hands in the range of Rs 57.36 and Rs 57.38 as respective buying and selling grates.
Hectic buying of the US dollar completely over-whlemed the local currency as it 3.0 paisa each in bid and offer at Rs 57.39 and Rs 57.41.
According to the market sources, dollar demand surged owing to the approaching quarter end. The day concluded with the US unit advancing further by 1.0 paisa against the rupee at Rs 57.40 and Rs 57.42 as respective buying and selling rates.
In swap transactions, prices in all the tenures remained stable. 1-week swap was dealt in the range of -2.0 paisa and -1.0 paisa.
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DAILY FOREX REPORT Tuesday (March 09, 2004)
SBP US $/PKR Parity: 46.00/.23
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US $/PKR Ready 1 Wk 1M 2M 3M 4M 5M R/6M
Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer
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Outright 57.40 57.42 57.40 57.42 57.36 57.38 57.32 57.32 57.31 57.38 57.36 57.32 57.29 57.31 57.17 57.31
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SWAP
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O/N R/1 WK R/1 M R/2 M R/3 M R/4 M R/5 M R/6 M
Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer
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Paisa -1.00 0.00 -2.00 -1.00 -5.00 -3.00 -9.00 -7.00 -10.00 -8.00 -11.00 -9.00 -12.00 -10.00 -14.00 -10.00
% Bid -1.12 1.00 -0.82 0.09 -0.08 0.36 0.05 0.26 0.29 0.43 0.42 0.52 0.49 0.58 0.51 0.65
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