The rupee touched the nearly two-year lowest level versus the dollar in the inter-bank market on Wednesday for buying and selling at Rs 59.16 and Rs 59.18, dealers said. They also said that it was at its lowest level against the dollar after October 2002. An erosion was witnessed between the official and open market gap after the sharp fall in the rupee value in the inter-bank market, losing eight paisa versus dollar for buying and selling at Rs 59.16 and Rs 59.18, market men said.
Thus, the rupee has lost 15 paisa within three days in the absence of State Bank of Pakistan (SBP) intervention, market sources said. Just 20 days back, the difference was nearly 50 paisa between the two rates when the dollar was available at Rs 58.80 in the inter-bank market, dealers said.
In the open market it was at Rs 59.23, but now it came down approximately 35 paisa as the dollar buying and selling rate is at Rs 59.58 and Rs 59.63, respectively.
Market sources attributed the fall to expanding demand for dollar for oil payment bills and if the SBP adhered to the sidelines the rupee might continue its slide.
Since the week started the rupee is on the down side, analysts said, adding that now the signal is clear that the central bank has new resistance mark for the rupee-dollar official rate.
Exporters' entry was expected in the market to sell dollars due to lucrative profit, while the imported might indulge in forward dollar buying, they added.
In the world markets, the dollar reacted negatively to the fresh move by Federal Reserve fell versus major currencies as the Fed increased interest rates to 1.75 percent, dealers said.
OPEN MARKET RATES: The rupee held on to its present levels against dollar for buying and selling at Rs 59.58 and Rs 59.63, dealers said.
On the back of dollar's slide, euro picked up 60 paisa in relation to the rupee for buying and selling at Rs 72.95 and Rs 73.25 in process of trading, they added.
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Kerb buying Rs 59.58
Kerb selling Rs 59.63
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Wednesday.
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Buying Rs 59.16
Selling Rs 59.18
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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 7.40 7.40 7.40 7.40 7.40
1-Week 5.75 6.00 6.25 6.50 6.13
2-Week 4.50 4.75 5.00 5.25 4.88
1-Month 3.30 3.50 3.70 3.90 3.60
2-Months 3.10 3.25 3.50 3.70 3.39
3-Months 3.00 3.40 3.25 3.75 3.35
4-Months 3.25 3.50 3.75 4.00 3.63
5-Months 3.30 3.50 3.80 4.00 3.68
6-Months 3.25 3.50 3.75 4.00 3.63
9-Months 3.40 3.60 3.80 4.20 3.75
1-Year 3.75 4.00 4.25 4.50 4.13
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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 7.40 7.40 7.40 7.40 7.40
1-Week 6.00 6.25 6.50 6.75 6.38
2-Week 4.75 5.00 5.25 5.50 5.13
1-Month 3.40 3.60 3.75 4.00 3.69
2-Month 3.25 3.50 3.75 4.00 3.63
3-Month 3.50 3.70 4.00 4.20 3.85
4-Month 3.70 3.50 .3.75 4.00 3.74
5-Month 3.25 3.90 4.10 4.25 3.88
6-Month 3.50 3.75 4.00 4.25 3.88
9-Month 3.60 3.90 4.10 4.25 3.96
1-Year 4.00 4.25 4.50 4.75 4.38
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RUPEE IN LAHORE: The rupee showed stability as the dollar-rupee parity remained unchanged amid sluggish trading trend in the local currency markets on Wednesday.
According to the currency dealers, there was no change in the demand and supply situation dollars which provided stability to the rupee. The dollar resumed trading at overnight closing rates of Rs 59.50 and Rs 59.60 on buying and selling counters, respectively. The opening rates continued to prevail throughout the day. Owing to lack of fluctuation in the dollar's rate, the trading volume remained low, the dealers added.
On the contrary, the rupee could not maintain upward slide, and registered a loss in its worth against the pound sterling. The British currency was purchased at Rs 106.20, and sold at Rs 106.70 as compared to Rs 106.10 and Rs 106.60 of Tuesday, theyadded.RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi on Wednesday.
The dollar opened at Rs 59.50 (buying) and Rs 59.60 (selling) against the last rate. It did not observe any further change in the second session, and closed at Rs 59.50 (buying) and Rs 59.60 (selling).
The pound sterling opened at Rs 106.30 (buying) and Rs 106.40 (selling) against the previous rate. It did not observe any further change in the second session, and closed at Rs 106.30 (buying) and Rs 106.40 (selling).
The canadian dollar opened at Rs 45.80 (buying) and Rs 45.90 (selling) against the overnight value. It did not observe any further change in the second session, and closed at Rs 45.80 (buying) and Rs 45.90 (selling).
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