Continued demand for dollars kept the rupee under pressure which sharply lost 15 paisa versus greenback at Rs 59.95 and Rs 60.00 for buying and selling, respectively, dealers said.
The local currency opened on a weak note and during the day it fell further at 60.00 and 60.05 per dollar as dollars demand outstripped supply. Dollar selling by Standard and Chartered Bnak, National Bank and Muslim Commercial Bank later eased some pressure over the rupee, currency analysts said.
These banks injected nearly 20-30 million dollars into the market but it was expected that pressure might continue because of dollars' continued buying by corporate sector to meet payment requirements, they added.
Some oil payments worth 20 million dollars made the rupee weaker, and it seemed that the rupee might show more weakness as import bills are increasing due to rising oil prices in world markets, dealers said.
An added factor was that importers were buying dollars which increased pressure over rupee.
The rupee has shed more than 3 percent since July 1, 2004, mainly on the country's widening trade deficit and rising inflation.
In the first three months of the current fiscal year, trade deficit jumped to around 754.72 million dollars, against 144.76 million dollars during the same period a year ago.
OPEN MARKET RATES: Surprisingly, the rupee did not react sharply to weekend interbank market direction, and sustained its prevailing levels at Rs 60.10 and Rs 60.20 in process of trading, dealers said.
The rupee also maintained its levels versus euro for buying and selling at Rs 74.55 and Rs 74.85, dealers said.
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Kerb buying Rs 60.10
Kerb selling Rs 60.20
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Monday.
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Buying Rs 59.95
Selling Rs 60.00
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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 6.00 7.25 6.50 7.40 6.79
1-Week 4.75 5.00 5.50 5.75 5.25
2-Week 3.75 4.00 4.00 4.50 4.06
1-Month 3.50 3.75 4.25 4.50 4.00
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 3.90 4.10 4.25 4.50 4.19
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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 6.50 7.40 7.00 7.40 7.08
1-Week 5.00 5.50 6.00 6.50 5.75
2-Week 4.00 4.25 4.50 4.75 4.38
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 4.70 4.90 4.45
9-Month 4.00 4.25 4.90 5.10 4.56
1-Year 4.50 4.75 5.10 5.30 4.91
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RUPEE IN
LAHORE:
The rupee opened the week on a negative note, as it registered loss of five paisa against the greenback in the local currency markets.According to the currency dealers, the dollar recorded fresh demand, which helped appreciation in its worth against the rupee.
The dollar resumed trading at Rs 60.08 and Rs 60.18 as its buying and selling rates, respectively. It maintained upward trend throughout the day, but finally closed at Rs 60.10 and Rs 60.20 on buying and selling counters, respectively, as compared to Rs 60.05 and Rs 60.15 of Saturday, the dealers said.
Likewise, the rupee depreciated its worth against the pound sterling. The pound's buying rate improved from Saturday's closing rate of Rs 107.65 to Rs 107.70, while its selling rate increased from Rs 107.85 to Rs 108.00, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee was up by 20 paisa against the dollar at the open currency markets of Islamabad and Rawalpindi on Monday.
The dollar opened at Rs 59.70 (buying) and Rs 59.80 (selling) against the last rate of Rs 59.90 (buying) and Rs 60.00 (selling). It did not observe any further change in the second session, and closed at Rs 59.70 (buying) and Rs 59.80 (selling).
Pound sterling opened at Rs 107.80 (buying) and Rs 107.90 (selling) against the last rate of Rs 107.50 (buying) and Rs 107.70 (selling). It did not show any further change in the evening session, and closed at Rs 107.80 (buying) and Rs 107.90 (selling).
Euro opened at Rs 73.70 (buying) and Rs 73.80 (selling) against same last rate. It did not observe any change in the evening session, and closed at Rs 73.70 (buying) and Rs 73.80 (selling).
Canadian dollar opened at Rs 47.20 (buying) and Rs 47.30 (selling) against overnight value of Rs 46.50 (buying) and Rs 46.60 (selling). It did not observe any further change in the second session, and closed at Rs 47.20 (buying) and Rs 47.30 (selling).
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