Bearish trend continued in the open market on Tuesday as the rupee extended its fall versus the dollar for buying and selling at Rs 57.80 and Rs 57.85, respectively.
Heavy demand for dollars by leading banks pressurised the local currency to give up its firmness, market men said.
The rupee, however, managed to gain 65 paisa in relation with euro for buying and selling at Rs 69.10 and Rs 69.40, respectively.
Market sources said that the rise of dollar in world markets pushed the single European currency value lower, they added.
In the international markets, the dollar showed steady trend versus major currencies, money changers said. The dollar firmed amid nervous trading ahead of Greenspan's testimony, analysts said.
They observed that Greenspan might address the outlook of US economy.
INTERBANK RATES: The rupee shed one paisa versus the dollar in interbank market for buying and selling at Rs 57.47 and Rs 57.49, respectively.
Persistent demand for dollars by banks did not allow the rupee to look the upside, experts said.
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Kerb buying Rs 57.80
Kerb selling Rs 57.85
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Tuesday.
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Buying Rs 57.47
Selling Rs 57.49
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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 0.40 1.00 0.70 1.50 0.90
1-Week 0.75 1.50 1.25 1.75 1.31
2-Week 1.00 1.50 1.25 1.75 1.38
1-Month 1.40 1.60 1.80 2.00 1.70
2-Months 1.25 1.45 1.65 1.75 1.53
3-Months 1.50 1.70 1.90 2.10 1.80
4-Months 1.50 1.70 1.90 2.10 1.80
5-Months 1.60 1.80 2.00 2.20 1.90
6-Months 1.70 1.90 2.10 2.30 2.00
9-Months 1.90 2.10 2.30 2.50 2.20
1-Year 2.20 2.40 2.60 2.80 2.50
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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 0.50 1.25 0.80 1.75 1.08
1-Week 1.00 1.70 1.25 2.00 1.49
2-Week 1.25 1.75 1.50 2.00 1.63
1-Month 1.50 1.70 1.90 2.10 1.80
2-Month 1.40 1.60 1.80 2.00 1.70
3-Month 1.70 1.90 2.10 2.30 2.00
4-Month 1.70 1.90 2.10 2.30 2.00
5-Month 1.80 2.00 2.20 2.40 2.10
6-Month 1.90 2.10 2.30 2.50 2.20
9-Month 2.10 2.30 2.50 2.70 2.40
1-Year 2.40 2.60 2.80 3.00 2.70
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RUPEE IN LAHORE: The rupee fractionally improved by two paisa on buying side at Rs 57.80, while it remained unchanged on selling side at Rs 57.90 in relation to the greenback in the local currency markets on Tuesday.
There was no visible change in the demand for dollars, which provided stability to the rupee. The greenback resumed its trading at overnight closing rates of Rs 57.82 and Rs 57.90 on buying and selling counters, respectively.
Due to lack of buying interest, the dollar subdued its opening rates. It, however, closed at Rs 57.80 as its buying rate, while its selling rate remained unchanged at Rs 57.90, the moneychangers said.
Likewise, the rupee appreciated its worth against the pound sterling, which was purchased at Rs 104.00 and sold at Rs 104.50 as compared to Rs 104.65 and 104.90 of Monday, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the currency exchange establishments of Islamabad and Rawalpindi on Tuesday.
The dollar opened at Rs 57.75 (buying) and Rs 57.85 (selling) against the same previous rate. It did not observe any further change in the evening session, and closed at Rs 57.75 (buying) and Rs 57.85 (selling).
The pound sterling opened at Rs 104 (buying) and Rs 104.40 (selling) against the same last rate. It did not witness any further change in the evening session, and closed at Rs 104 (buying) and Rs 104.40 (selling).
The Canadian dollar opened at Rs 43 (buying) and Rs 43.10 (selling) against the same previous rate. It remained firm against the rupee in the second session, and closed at Rs 43 (buying) and Rs 43.10 (selling).
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