The rupee-dollar parity rates fell marginally in the interbank market on Tuesday at Rs 58.85 and Rs 58.88 for buying and selling, respectively, due to Pak-Arab Refinery (Parco) payment of 100 million dollars, currency market experts said. They said that the fall was modest as the market received increased dollars selling by different banks to ease pressure over the rupee.
As a result of interbank market dollar-buying from the open market, the rates tumbled with sharp decline in the open market as the rupee lost 13 paisa against dollar at Rs 59.33 and Rs 59.38 for buying and selling, respectively.
According to market sources, the present trend in the currency regime has made the payments higher which pushed the trade deficit of the new fiscal year up to 0.5 billion dollars against 0.1 billion dollars in the same period of last year. On the other hand, this tendency is escalating the cost of production which is indirectly affecting exports, they added.
Some currency experts said that the falling trend in the oil prices the world over might bring the import payment bill down in the coming days.
INTERBANK RATES: The rupee shed 15 paisa against the euro for buying and selling at Rs 71.75 and Rs 71.95 as the dollar managed to hold firmness versus world leading currencies, dealers said.
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Kerb buying Rs 59.33
Kerb selling Rs 59.38
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Tuesday.
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Buying Rs 58.85
Selling Rs 58.88
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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 1.00 2.00 1.50 2.50 1.75
1-Week 1.25 1.50 1.75 2.00 1.63
2-Week 1.75 2.00 2.25 2.50 2.13
1-Month 2.00 2.25 2.40 2.50 2.29
2-Months 2.20 2.30 2.50 2.70 2.43
3-Months 2.25 2.50 2.75 2.90 2.60
4-Months 2.40 2.50 2.80 3.00 2.68
5-Months 2.50 2.75 3.00 3.25 2.88
6-Months 2.70 2.80 3.00 3.20 2.93
9-Months 2.90 3.10 3.40 3.70 3.28
1-Year 3.20 3.40 3.75 3.90 3.56
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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 1.25 2.25 1.75 2.50 1.94
1-Week 1.50 1.75 2.00 2.25 1.88
2-Week 2.00 2.25 2.50 2.75 2.38
1-Month 2.25 2.50 2.75 3.00 2.63
2-Month 2.50 2.75 3.00 3.25 2.88
3-Month 2.50 2.75 3.00 3.25 2.88
4-Month 2.75 3.00 3.25 3.50 3.13
5-Month 2.75 2.90 3.25 3.50 3.10
6-Month 2.90 3.10 3.50 3.90 3.35
9-Month 3.20 3.40 3.70 3.90 3.55
1-Year 3.40 3.60 4.00 4.10 3.78
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RUPEE IN LAHORE: The rupee remained under pressure, and further lost its worth by five paisa on buying side at Rs 59.35 and seven paisa on selling side at Rs 59.45 in relation to the greenback in the local currency markets on Tuesday.
The currency dealers said the dollar resumed trading at overnight closing levels of Rs 59.30 and Rs 59.38 on buying and selling counters, respectively, adding as a result of increase in the demand for dollar, its rate started moving up, and finally closed at Rs 59.35 and Rs 59.45 on buying and selling sides, respectively.
They were of the view that the dollar is likely to maintain upward trend in the next couple of days.
Likewise, the rupee maintained downward slide, and depreciated its worth against the pound sterling. The British currency was purchased at Rs 106.20, and sold at Rs 106.60 as compared to previous closing rates of Rs 105.75 and Rs 106.20, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar showed an increase of 10 paisa against the rupee at the open currency markets of Islamabad and Rawalpindi on Tuesday.
The greenback opened at Rs 59.30 (buying) and Rs 59.40 (selling) against the last rate of Rs 59.20 (buying) and Rs 59.30 (selling). It did not observe any further change in the second session, and closed at Rs 59.30 (buying) and Rs 59.40 (selling).
The pound sterling opened at Rs 107 (buying) and Rs 107.20 (selling) against the last rate. It did not observe any further change in the second session, and closed at Rs 107 (buying) and Rs 107.20 (selling).
The Canadian dollar opened at Rs 45.50 (buying) and Rs 45.60 (selling) against the overnight value. It did not observe any further change in the second session, and closed at Rs 45.50 (buying) and Rs 45.60 (selling).
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