Buying pressure from the interbank market eased the rupee value slightly against dollar on Friday in the open market which shed five paisa for buying and selling at Rs 59.55 and Rs 59.65, respectively, dealers said. Since the fiscal year 2004-05 started, the rupee has lost nearly Re 1 in the open market at Rs 59.55 an Rs 59.65.
INTERBANK RATES: In the interbank market, it followed suit and dropped about 70 paisa for buying and selling at Rs 58.88 and Rs 58.90.
Dealers said that at close the rupee further shed five paisa against dollar whose rates rose to Rs 59.60 and Rs 59.70 for buying and selling, respectively, on increased demand.
In addition, the gap between the official and open market rates widened, showing 65 paisa difference, as dollars demand increased on higher payments, they said.
But they added that the rates might stabilise in the coming week when debt payments pressure eases.
According to market sources, the rupee lost sizeably as banks bought dollars on behalf of corporate clients ahead of the end of first quarter.
The State Bank is injecting dollars to keep the rupee-dollar parity at a resistance level of Rs 59 in the interbank market, they said.
Some experts said that the stable foreign exchange reserves as a result of continuity of the remittances with significant improvement would definitely help the rupee to recover some ground versus the greenback in the near future.
The euro breached an important mark of Rs 73 versus the rupee in the open market after recovering solid ground in the overseas markets, currency experts said.
The single European currency is dominating the global financial markets these days as the dollar trimmed some gains on cloudy US economic outlook, they observed.
So, the local currency also came under pressure, suffering 10 paisa loss versus euro for buying and selling at Rs 72.70 and Rs 73.00.
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Kerb buying Rs 59.55
Kerb selling Rs 59.65
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Friday.
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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 1.00 5.50 1.50 6.00 3.50
1-Week 3.00 4.00 4.50 5.00 4.13
2-Week 2.50 2.75 3.00 3.50 2.94
1-Month 2.75 3.00 3.50 3.75 3.25
2-Months 2.75 3.00 3.25 3.50 3.13
3-Months 2.50 2.60 3.00 3.20 2.83
4-Months 2.60 2.70 3.10 3.25 2.91
5-Months 2.70 2.75 3.20 3.30 2.99
6-Months 2.75 3.00 3.25 3.50 3.13
9-Months 2.90 3.00 3.50 3.70 3.28
1-Year 3.00 3.25 3.75 4.00 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 1.25 6.00 1.75 6.50 3.88
1-Week 4.25 4.75 4.75 5.25 4.75
2-Week 2.75 3.00 3.25 3.50 3.13
1-Month 3.00 3.20 3.70 3.90 3.45
2-Month 2.90 3.20 3.50 3.70 3.33
3-Month 2.75 3.00 3.25 3.50 3.13
4-Month 2.75 3.00 3.25 3.50 3.13
5-Month 2.90 3.10 3.40 3.50 3.23
6-Month 2.90 3.10 3.50 3.60 3.28
9-Month 3.00 3.25 3.70 3.90 3.46
1-Year 3.30 3.60 4.00 4.10 3.75
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RUPEE IN LAHORE: The rupee remained under pressure and lost 13 paisa versus dollar in the currency market at Lahore on Friday.
According to dealers, dollar's demand remained intact that helped appreciation in its worth against the local currency.
The dollar resumed trading at Rs 59.60 and Rs 59.70 on buying and selling counters, respectively. The dollar continued to move up during the entire day's trading and finally closed at Rs 59.68 and Rs 59.78 on buying and selling counters, respectively, as compared to Rs 59.55 and Rs 59.65 of Thursday, dealers added.
Similarly, the local currency maintained downward trend and marginally declined its value against the pound sterling. The pound's buying rate improved from Rs 106.35 to Rs 106.40 while selling rate increased from Rs 106.75 to Rs 106.80, dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The buying and selling rates of dollar against the rupee remained unchanged at the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 59.30 (buying) and Rs 59.40 (selling) against the same last rate. It did not observe any further change in the second session and closed at Rs 59.30 (buying) and Rs 59.40 (selling).
Pound sterling opened at Rs 107 (buying) and Rs 107.20 (selling) against the same last rate. It did not observe any further change in the second session and closed at Rs 107 (buying) and Rs 107.20 (selling).
Canadian dollar opened at Rs 45.50 (buying) and Rs 45.60 (selling) against the same 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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