The demand for dollar rose in the interbank market on Tuesday and the rupee shed more two paisa versus the greenback at Rs 57.92 and Rs 57.94 for buying and selling, respectively, market men said.
Corporate demand for big payments would keep the rupee under pressure in terms of dollar, they said.
Analysts said that the slide in rupee value might help the dollar to cross the psychological mark of Rs 58 in the interbank market.
In fact, the upward trend in oil prices globally pushed the oil payments higher, they said, adding that the banks were mostly buying dollars from the open market to meet their demand.
In world markets, the US currency slipped against most of currency units as investors did not indulge in hectic buying of greenback.
OPEN MARKET RATES: Range-bound trading was seen in the open market as the rupee halted fresh erosion in its value versus dollar for buying and selling at Rs 58.45 and Rs 58.50.
The rupee failed to show same sentiment versus the euro, losing 50 paisa for buying and selling at Rs 70.50 and Rs 70.80 on fresh buying of the single European currency.
When dollar started showing weakness in world markets, investors diverted their attention to trading in other currencies.
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Kerb buying Rs 58.45
Kerb selling Rs 58.50
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Tuesday.
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Buying Rs 57.92
Selling Rs 57.94
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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 0.05 0.25 0.15 0.50 0.24
1-Week 0.25 0.50 0.75 1.00 0.63
2-Week 0.75 1.00 1.25 1.50 1.13
1-Month 2.40 2.60 2.80 3.00 2.70
2-Months 2.50 2.70 2.90 3.10 2.80
3-Months 2.50 2.70 2.90 3.10 2.80
4-Months 2.50 2.70 2.90 3.10 2.80
5-Months 2.70 2.90 3.10 3.30 3.00
6-Months 2.75 3.00 3.25 3.50 3.13
9-Months 3.00 3.20 3.40 3.60 3.30
1-Year 3.20 3.40 3.60 3.80 3.50
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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 0.20 0.40 0.30 0.60 0.38
1-Week 0.50 0.75 1.00 1.25 0.88
2-Week 1.00 1.25 1.50 1.75 1.38
1-Month 2.50 2.75 3.00 3.25 2.88
2-Month 2.70 2.90 3.10 3.30 3.00
3-Month 2.75 3.00 3.25 3.50 3.13
4-Month 2.75 3.00 3.25 3.50 3.13
5-Month 3.00 3.25 3.50 3.75 3.38
6-Month 3.00 3.25 3.50 3.75 3.38
9-Month 3.25 3.50 3.75 4.00 3.63
1-Year 3.40 3.60 3.80 4.00 3.70
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RUPEE IN LAHORE: The Pak rupee maintained downward trend and further depreciated its value by 10-paisa in relation to the greenback in the local currency markets, on Tuesday.
According to the currency dealers, the dollar's demand remained intact that caused depreciation in value of local currency.
The dollar resumed trading at overnight closing rates of Rs 58.40 and Rs 58.50 on buying and selling counters, respectively. With the increase in its rate, the dollar closed at Rs 58.50 and Rs 58.60 on buying and selling sides, respectively, the dealers added.
Similarly, the local currency remained weak against the pound sterling. The pound's buying rate improved from Monday's closing rate of Rs 106.00 to Rs 106.20, while selling rate moved up from Rs 106.40 to Rs 106.60, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar-rupee parity remained unchanged at the currency markets of Islamabad and Rawalpindi on Tuesday.
The dollar opened at Rs 58.40 ( for buying) and Rs 58.50 ( for selling) against same previous rate. It did not observe any further change and closed at Rs 58.40 (buying) and Rs 58.50 (selling).
Pound sterling opened at Rs 106 (buying) and Rs 106.20 (selling) against last rate of Rs 105.60 (buying) and Rs 105.80 (selling). It did not observe any further change and closed at Rs 106 (buying) and Rs 106.20 (selling).
Canadian dollar opened at Rs 42.60 (buying) and Rs 42.80 (selling) against same previous rate. Canadian currency did not observe any further change in the second spell and closed at Rs 42.60 (buying) and Rs 42.80 (selling).
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