THE RUPEE: dollar crosses Rs 60 mark in open market

The high demands for dollars in the interbank market, encouraged the greenback to cross the barrier of Rs 60 in the open market on Thursday, dealers said. The rupee lost 15 paisa in a single day slide, and since the month started, it has lost near 40-50 paisa for buying and selling at Rs 60.00 and Rs 60.10 in the open market, they added.
Market sources said the rupee might show its weakness in the coming days due to rising demand for dollars in the local market for the payment of foreign bills.
According to a report, the government is watching the fluctuations carefully. It might review the 1992 Forex Liberalisation Act to ease pressure over the rupee.
The rupee shed 10 paisa versus the euro for buying and selling at Rs 73.55 and Rs 73.85, dealers said.
In the world markets, the dollar moved both ways versus the leading currencies, they added.
INTERBANK RATES: The rupee failed to maintain its overnight firmness on asking demand for dollars, losing 10 paisa for buying and selling at Rs 59.63 and Rs 59.65 in the process of trading, market men said.
Rising payment bills as a result of higher oil prices in the global market might push the dollar to cross Rs 60 in the near future, money experts said.

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Kerb Buying             Rs 60.00

Kerb Selling            Rs 60.15

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Buying                Rs 59.63

Selling               Rs 59.65

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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   6.50       7.40       7.00        7.40           7.08

1-Week      5.25       5.50       5.75        6.00           5.63

2-Week      3.50       3.75       4.00        4.25           3.88

1-Month     3.40       3.50       3.75        3.90           3.64

2-Months    3.25       3.50       3.75        4.00           3.63

3-Months    3.25       3.50       3.75        4.00           3.63

4-Months    3.30       3.60       3.90        4.00           3.70

5-Months    3.25       3.50       3.75        4.00           3.63

6-Months    3.50       3.90       4.25        4.50           4.04

9-Months    3.75       4.00       4.40        3.70           3.96

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   6.75       7.40       7.25        7.40           7.20

1-Week      5.50       5.75       6.00        6.25           5.88

2-Week      3.75       4.00       4.25        4.75           4.19

1-Month     3.75       4.00       4.25        4.50           4.13

2-Month     3.50       3.75       4.25        4.50           4.00

3-Month     3.50       3.75       4.25        4.50           4.00

4-Month     3.60       3.80       4.30        4.60           4.08

5-Month     3.75       4.25       4.50        4.75           4.31

6-Month     4.00       4.20       4.60        4.75           4.39

9-Month     4.00       4.25       4.75        5.00           4.50

1-Year      4.25       4.50       5.00        5.50           4.81

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LAHORE: The rupee remained under pressure, and lost its worth against the greenback, which crossed the barrier of Rs 60 amid increasing demand for it in the local currency market on Thursday.
The dollar's trading commenced at Rs 59.85 and Rs 59.95 on buying and selling sides, respectively. The demand for dollars started soaring soon after the trading commenced, and subsequently, the trend continued to persists. It finally ended at Rs 59.95 and Rs 60.05 against Wednesday's closing rates of Rs 59.80 and Rs 59.88 on buying and selling sides, respectively, the currency dealers said.
Similarly, the rupee maintained declining trend, and further depreciated against the pound sterling. The pound was purchased at Rs 107.35, and sold at Rs 107.70 as compared to its overnight levels of Rs 106.70 and Rs 107.00, respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar was up by 10 paisa against the rupee at the open currency markets of twin cities of Islamabad and Rawalpindi on Thursday.
The dollar opened at Rs 59.85 (buying) and Rs 59.95 (selling) against last rate of Rs 59.75 (buying) and Rs 59.85 (selling). It remained firm against the rupee and closed at Rs 59.85 (buying) and Rs 59.95 (selling).
Pound sterling opened at Rs 106.90 (buying) and Rs 107 (selling). It closed at Rs 106.90 (buying) and Rs 107 (selling).
Euro opened at Rs 73.30 (buying) and Rs 73.50 (selling) against same overnight value. It did not observe any change in the evening session and closed at Rs 73.30 (buying) and Rs 73.50 (selling).
Canadian dollar opened at Rs 46.50 (buying) and Rs 46.60 (selling) against same 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).