Increasing demand for dollars in the interbank market on Thursday forced the rupee to face more depreciation versus dollar for buying and selling at Rs 58.88 and Rs 58.90, market men said. In fact, the banks are still buying dollars to meet their clients' demand, they said. In spite of importers' demand for payment requirements, they are also busy in dollars' forward buying in anticipation of rising its demand in the days ahead, they added.
They (importers) wanted to keep themselves safe from the future losses, they said. The market is not receiving proper supply of dollars in the absence of normal selling process.
Actually, people who have dollar stocks are not interested in fresh selling due to recent rise in its value in the local market, currency experts said.
In the world markets, the dollar trading remained range-bound as comments by the Federal Reserves Chairman Alan Greenspan failed to give any boost to the US currency, dealers said.
OPEN MARKET RATES: In the early session, the rupee came under pressure on interbank buying and lost 15 paisa for buying and selling at Rs 59.55 and Rs 59.65, dealers said.
In the meantime, exporters' proceeds and banks' selling eased pressure over the rupee, trimming 5 paisa at close for buying and selling at Rs 59.50 and Rs 59.60, they added.
Thus, the rupee has lost 30 paisa versus the dollar and present trend in the market signalling that the falling trend might continue for near terms, they said.
On the back of dollar's weakness, the euro gained 70 paisa in relation to the local currency for buying and selling at Rs 72.60 and Rs 72.90.
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KERB BUYING Rs 59.50
KERB SELLING Rs 59.60
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Thursday.
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BUYING Rs 58.88
SELLING Rs 58.90
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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 0.50 1.00 0.75 2.00 1.06
1-Week 1.25 1.50 1.75 2.00 1.63
2-Week 2.25 2.50 2.70 2.90 2.59
1-Month 2.50 2.75 2.90 3.10 2.81
2-Months 2.25 2.40 2.75 3.00 2.60
3-Months 2.40 2.50 2.90 3.00 2.70
4-Months 2.50 2.60 3.00 3.10 2.80
5-Months 2.60 2.70 3.00 3.20 2.88
6-Months 2.70 2.80 3.00 3.20 2.93
9-Months 2.80 3.00 3.40 3.60 3.20
1-Year 3.10 3.30 3.70 3.90 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 0.75 1.25 0.75 2.00 1.19
1-Week 1.50 1.75 2.00 2.25 1.88
2-Week 2.50 2.75 3.00 3.25 2.88
1-Month 2.70 2.90 3.10 3.25 2.99
2-Month 2.50 2.75 3.10 3.25 2.90
3-Month 2.60 2.80 3.20 3.40 3.00
4-Month 2.70 2.90 3.20 3.40 3.05
5-Month 2.75 3.00 3.25 3.50 3.13
6-Month 2.90 3.10 3.50 3.90 3.35
9-Month 3.10 3.30 3.70 3.90 3.50
1-Year 3.40 3.60 4.00 4.10 3.78
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RUPEE IN LAHORE: The rupee remained under pressure for the third consecutive day and further lost its value by 10-paisa in relation to the greenback in the local currency markets on Thursday.
According to the currency dealers, the dollar's buying continued throughout the day, which pushed the value of local currency down.
The dollar resumed trading at Rs 59.50 and Rs 59.60 on buying and selling sides, respectively. With buying pressure, the dollar moved up and finally closed at Rs 59.55 and Rs 59.65 on buying and selling counters, respectively, against previous closing rates of Rs 59.45 and Rs 59.55, the dealers added.
However, the local currency could not maintain upward slide and registered decline in its worth against the pound sterling.
The British currency was purchased at Rs 106.35 and was sold at Rs 106.75 as compared to Wednesday's closing rates of Rs 106.00 and Rs 106.40, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi here on Thursday.
The dollar opened at Rs 59.30 (buying) and Rs 59.40 (selling) against same last rate. It did not observe any further change in the second session and closed at Rs 59.30 and Rs 59.40 buying and selling respectively.
Pound sterling opened at Rs 107 (buying) and Rs 107.20 (selling) against same last rate. It did not observe any further change in the second session and closed at Rs 107 and Rs 107.20 buying and selling respectively.
Canadian dollar opened at Rs 45.50 (buying) and Rs 45.60 (selling) against same overnight value. It did not observe any further change in the second session and closed at Rs 45.50 and Rs 45.60 buying and selling respectively.
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