At the weekend, the rupee lost its week-long stability as a result of importers' forward dollar buying for payments, pushing the rupee-dollar parity down in the interbank market for buying and selling at Rs 58.68 and Rs 58.70, market men said.
Increased dollar selling by exporters continued to outweigh the generally weak corporate demand, they said, adding that in the near term the local currency might come under pressure again.
In the meantime, some dealers said that the 55 billion rupees inflow next week would ease pressure on short-term rates.
They said the money market was likely to see increased activity in the next three to four weeks, with rates inching up as banks would cover positions for routine quarterly payments.
The dollar posted modest gain on the back of positive data in the world markets, dealers said.
KERB MARKET RATES: In line with the interbank market, the local currency followed suit in open market and dropped five paisa versus dollar for buying and selling at Rs 59.17 and Rs 59.22, respectively.
The rupee, however, depicted a gain of 55 paisa in relation to the single European currency, euro, at Rs 71.05 and Rs 71.35.
Robust US economic data strengthened the dollar, helping it to shrug off its weakness versus leading currencies, dealers said.
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Kerb buying Rs 59.17
Kerb selling Rs 59.22
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Saturday.
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Buying Rs 58.68
Selling Rs 58.70
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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 0.75 2.50 1.25 4.00 2.13
1-Week 1.25 2.25 2.00 2.75 2.06
2-Week 1.75 2.00 2.25 2.50 2.13
1-Months 1.80 2.00 2.20 2.40 2.10
2-Months 1.90 2.10 2.30 2.50 2.20
3-Months 2.00 2.20 2.30 2.50 2.25
4-Months 2.20 2.40 2.50 2.70 2.45
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 3.40 3.40 3.80 3.40
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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 6.25 3.50 7.00 4.50 5.31
1-Week 1.50 2.50 2.25 3.00 2.31
2-Week 2.00 2.25 2.50 2.75 2.38
1-Month 2.00 2.20 2.40 2.60 2.30
2-Month 2.10 2.30 2.50 2.70 2.40
3-Month 2.20 2.40 2.60 2.80 2.50
4-Month 2.40 2.60 2.80 3.00 2.70
5-Month 2.60 2.80 3.00 3.20 2.90
6-Month 2.80 3.00 3.20 3.40 3.10
9-Month 3.00 3.25 3.50 3.75 3.38
1-Year 3.40 3.60 3.80 4.00 3.70
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RUPEE IN LAHORE: The rupee on Saturday registered a marginal loss of two paisa on buying side at Rs 59.12 but gained three paisa on selling side at Rs 59.17 versus dollar at Lahore currency market.
According to currency dealers, the dollar resumed trading at its overnight closing levels of Rs 59.10 and Rs 59.20 as its buying and selling rates, respectively. There was no visible change in dollar's demand and supply conditions. However, at the end of trading it closed at Rs 59.12 and Rs 59.17 on buying and selling sides, respectively, they said.
On the contrary, the rupee recovered its earlier loss and showed improvement against pound sterling. The pound's buying rate declined from Friday's closing of Rs 106.80 to Rs 106.40, while its selling rate moved down from Rs 107.20 to Rs 106.90, dealers reported.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against dollar at the currency markets of Islamabad and Rawalpindi on Saturday.
The dollar opened at Rs 59.10 (for buying) and Rs 59.20 (for selling) against same last rates. It did not observe any further change in the second session and closed at Rs 59.10 (buying) and Rs 59.20 (selling).
Pound sterling opened at Rs 106.60 (buying) and Rs 106.80 (selling) against same overnight value. It did not observe any further change in the second session and closed at Rs 106.60 (buying) and Rs 106.80 (selling).
Canadian dollar opened at Rs 45 (buying) and Rs 45.10 (selling) against same previous rate. It did not observe any further change in the second session and closed Rs 45 (buying) and Rs 45.10 (selling)
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