Strong demand for US dollars kept the rupee under pressure in the interbank market on Friday, losing more three paisa at Rs 58.39 and Rs 59.42 for buying and selling, respectively, dealers said.
The rupee tumbled as a bank showed interest in fresh 40 million dollars buying for import payments, they added. Falling trend in foreign exchange reserves was also an added factor for rupee's weakness, experts observed.
Besides, the exporters were still on the sidelines, holding their export proceeds on anticipation of more erosion in the value of rupee, they said.
"If the rupee's fall persists in the market, the dollar might cross Rs 59 level in the open market in the coming days," they added.
In addition, the weaker rupee reflected the widening trade deficit and slowdown in foreign currency remittances, analysts said.
The dollar firmly held its overnight levels in relation to other currencies in the world market on rising expectation about the US economic data, dealers said.
OPEN MARKET RATES: The rupee continued its overnight slide versus dollar, shedding five paisa for buying and selling at Rs 58.70 and Rs 58.75, market men said.
The interbank market dollars buying from the open market dragged the rupee's value down, they added.
The rupee was unchanged versus the single European currency for the second day in a row on euro's drifting position in the world markets, dealers said.
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Kerb buying Rs 58.70
Kerb selling Rs 58.75
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Friday.
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Buying Rs 58.39
Selling Rs 58.42
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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 3.50 6.50 4.50 7.00 5.38
1-Week 3.00 3.25 3.75 4.00 3.50
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-Months 2.00 2.20 2.40 2.60 2.30
3-Months 2.00 2.20 2.40 2.60 2.30
4-Months 2.20 2.40 2.60 2.80 2.50
5-Months 2.40 2.60 2.80 3.00 2.70
6-Months 2.60 2.80 3.00 3.20 2.90
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 3.75 6.75 4.75 7.25 5.63
1-Week 3.25 3.50 4.00 4.25 3.75
2-Week 2.50 2.75 3.00 3.25 2.88
1-Month 2.10 2.30 2.50 2.70 2.40
2-Month 2.20 2.40 2.60 2.80 2.50
3-Month 2.30 2.50 2.70 2.90 2.60
4-Month 2.40 2.60 2.80 3.00 2.70
5-Month 2.50 2.80 3.00 3.20 2.88
6-Month 2.80 3.00 3.20 3.40 3.10
9-Month 3.10 3.30 3.50 3.70 3.40
1-Year 3.30 3.50 3.80 4.00 3.65
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RUPEE IN LAHORE: The Pak rupee lost its value by five-paisa in relation to the greenback in the local currency markets on Friday.
According to the moneychangers, the dollar resumed trading at Thursday's closing levels of Rs 58.65 and Rs 58.75 on buying and selling counters, respectively. Due to fresh buying, the greenback improved its worth and it was closed at Rs 58.70 and Rs 58.80 on buying and selling sides, respectively, the dealers said.
On the contrary, the rupee showed strength versus the pound sterling. The British currency was purchased at Rs 106.90 and was sold at Rs 107.20 as compared to Thursday's closing rates of Rs 107.40 and Rs 107.80, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar was up by 10 paisa against the rupee at the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 58.60 (buying) and Rs 58.70 (selling) against the previous rate of Rs 58.50 (buying) and Rs 58.60 (selling). It did not observe any further change in the second session and closed at Rs 58.60 (buying) and Rs 58.70 (selling).
Pound sterling opened at Rs 108 (buying) and Rs 108.20 (selling) against the same last 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 43.50 (buying) and Rs 43.70 (selling) against the same previous rate. It did not observe any further change in the second session and closed at Rs 43.50 (buying) and Rs 43.70 (selling).
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