THE RUPEE: 14 paisa loss on high demand for dollar

High dollar demand for oil payments and low inflow pushed the rupee sharply down in the inter-bank market on Tuesday, losing 14 paisa versus dollar at Rs 59.53 and Rs 59.55 for buying and selling, respectively, dealers said. Sky-high increase in world oil prices made the payments higher to the foreign countries and increased the demand for dollars, analysts said.
Oil importers were the main buyers, who had to pay some 30-40 million dollars during the day, which toppled the rates sharply, they added.
In the meantime, the State Bank of Pakistan (SBP) was carefully watching the fluctuation to keep the rupee at reasonable level, analysts said.
OPEN MARKET RATES: In sympathy, the rupee-dollar parity rates slipped slightly, losing five paisa for buying and selling at Rs 59.75 and Rs 59.80, dealers said.
The rupee might observe sharp fall after sharp slide in the official rates, they added.
The rupee, however, gained 60 paisa in relation to euro for buying and selling at Rs 73.25 and Rs 73.55.

================================

Kerb Buying             Rs 59.75

Kerb Selling            Rs 59.80

================================

==============================

Buying                Rs 59.53

Selling               Rs 59.55

==============================

=================================================================

Repo Rates (Yield p a)

-----------------------------------------------------------------

Tenor      Low Bid   High Bid   Low Offer   High Offer    Average

=================================================================

Overnight   2.00       5.00       4.00        7.00           4.50

1-Week      4.25       4.50       4.75        5.00           4.63

2-Week      3.25       3.50       3.75        4.00           3.63

1-Month     3.00       3.25       3.40        3.60           3.31

2-Months    3.00       3.25       3.50        3.75           3.38

3-Months    3.20       3.40       3.50        3.75           3.46

4-Months    3.20       3.40       3.60        3.80           3.50

5-Months    3.25       3.50       3.75        4.00           3.63

6-Months    3.40       3.60       3.80        4.00           3.70

9-Months    3.50       3.70       3.90        4.10           3.80

1-Year      3.75       4.00       4.25        4.50           4.13

=================================================================

Call Rates (Yield p a)

-----------------------------------------------------------------

Tenor      Low Bid   High Bid   Low Offer   High Offer    Average

=================================================================

Overnight   2.50       5.50       4.50        7.00           4.88

1-Week      4.50       4.75       5.00        5.25           4.88

2-Week      3.50       3.75       4.00        4.25           3.88

1-Month     3.25       3.50       3.75        3.90           3.60

2-Month     3.25       3.50       3.75        4.00           3.63

3-Month     3.50       3.75       4.00        4.25           3.88

4-Month     3.50       3.75       4.10        4.30           3.91

5-Month     3.60       3.80       4.25        4.50           4.04

6-Month     3.75       4.00       4.30        4.60           4.16

9-Month     4.00       4.25       4.50        4.75           4.38

1-Year      4.00       4.30       4.75        5.00           4.51

=================================================================

LAHORE: The rupee maintained downward trend and further depreciated its value by nine-paisa on buying side at Rs 59.72 and on selling side at Rs 59.80 in relation to the greenback in the local currency markets on Tuesday.
According to the currency dealers, the dollar resumed trading at Rs 59.65 and Rs 59.75 as its buying and selling rates, respectively. As a result of increase in its demand, the dollar's rate moved up and finally closed at Rs 59.72 and Rs 59.80 on buying and selling counters, respectively, against Rs 59.63 and Rs 59.73 of Monday, the dealers added.
Likewise, the local currency resisted decline against the pound sterling which remained under fluctuation throughout the day. At the end, the British currency was traded at Rs 106.50 and Rs 107.00 on buying and selling counters, respectively as compared to 106.70 and Rs 107.05 of Monday, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar surged by 15 paisa against the rupee at the open currency markets of twin cities of Islamabad and Rawalpindi on Tuesday.
The greenback opened at Rs 59.75 (buying) and Rs 59.85 (selling) against the last rate of Rs 59.60 (buying) and Rs 59.70 (selling). It remained firm against the rupee during Tuesday's trading session, and closed at Rs 59.75 (buying) and Rs 59.85 (selling).
The pound sterling opened at Rs 106.90 (buying) and Rs 107 (selling). It closed at Rs 106.90 (buying) and Rs 107 (selling).
The euro opened at Rs 73.30 (buying) and Rs 73.50 (selling) against last rate of Rs 73.80 (buying) and Rs 73.90 (selling). It did not witness any further change in the second spell, and closed at Rs 73.30 (buying) and Rs 73.50 (selling).
The Canadian dollar opened at Rs 46.50 (buying) and Rs 46.60 (selling) against the previous rate. It did not observe any further change in the second session, and closed at Rs 46.50 (buying) and Rs 46.60 (selling).