The rupee on Friday shed seven paisa in relation to dollar in the open market at Rs 58.52 and Rs 58.57 for buying and selling, respectively, dealers said.
Increased dollar buying by the corporate sector dragged down the rupee value in the open market, they added.
The rupee was under pressure due rising dollar demand and it would continue its fall against the US currency as the government in its trade policy has announced a 3.0 billion dollars trade deficit target for the current fiscal year.
Importers are making profits on the back of rupee's fall and are anticipating further gains in the coming days, analysts said. On the other hand, exporters were holding back the export proceeds, which was creating dearth of dollars in the market, they added.
On Thursday, the government announced its trade policy for fiscal year 2004/05 in which it targeted $16.7 billion imports against $13.7 billion exports, thus creating a trade deficit of $3.0 billion against $3.2 billion of 2003/04.
The rupee, however, gained 10 paisa versus euro for buying and selling at Rs 71.40 and Rs 71.70.
INTERBANK RATES: The rupee managed to sustain its overnight levels versus dollar at Rs 58.31 and Rs 58.33 for buying and selling, respectively, market sources said.
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Kerb Buying Rs 58.52
Kerb Selling Rs 58.57
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Friday.
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Buying Rs 58.31
Selling Rs 58.33
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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 4.00 5.00 6.00 7.00 5.50
1-Week 2.25 2.50 2.75 3.00 2.63
2-Week 2.00 2.25 2.50 2.75 2.38
1-Month 1.70 1.90 2.10 2.30 2.00
2-Months 1.75 2.00 2.25 2.50 2.13
3-Months 1.90 2.10 2.30 2.50 2.20
4-Months 2.00 2.20 2.40 2.60 2.30
5-Months 2.20 2.40 2.60 2.80 2.50
6-Months 2.40 2.60 2.80 3.00 2.70
9-Months 2.80 3.00 3.20 3.40 3.10
1-Year 3.00 3.20 3.40 3.60 3.30
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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 4.50 5.50 6.50 7.40 5.98
1-Week 2.50 2.75 3.00 3.25 2.88
2-Week 2.25 2.50 2.75 3.00 2.63
1-Month 1.90 2.10 2.30 2.50 2.20
2-Month 2.00 2.25 2.50 2.75 2.38
3-Month 2.20 2.40 2.60 2.80 2.50
4-Month 2.25 2.50 2.75 3.00 2.63
5-Month 2.40 2.60 2.80 3.00 2.70
6-Month 2.60 2.80 3.00 3.20 2.90
9-Month 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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RUPEE IN LAHORE: The rupee failed to maintain upward slide, as it lost its worth by five-paisa in relation to the greenback amid low trading activity in the local currency markets on Friday.
According to the currency dealers, there was fresh buying of the dollar, which helped appreciation in its worth against the local currency. The dollar's trading commenced at overnight closing levels of Rs 58.45 and Rs 58.55 on buying and selling counters, respectively. With the increase in its demand, the dollar moved up and finally closed higher at Rs 58.50 and Rs 58.60 on buying and selling sides, respectively, the dealers added.
On the contrary, the rupee remained firm against the pound sterling. The pound's buying rate moved down from Thursday's closing level of Rs 107.50 to Rs 107.35, while selling rate declined from Rs 108.00 to Rs 107.85, the dealers stated.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 58.40 (buying) and Rs 58.50 (selling) against the same previous rate. It did not witness any further change in the second session and closed at Rs 58.40 (buying) and Rs 58.50 (selling).
Pound sterling opened at Rs 108 (buying) and Rs 108.20 (selling) against the same previous rate. It did not observe any further change in the second session and closed at Rs 108 (buying) and Rs 108.20 (selling).
Canadian dollar opened at Rs 44 (buying) and Rs 44.10 (selling) against the same last rate. It did not observe any further change in the second session and closed at Rs 44 (buying) and Rs 44.10 (selling).
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