Declining trend persisted in the interbank market for the second day on Friday as the rupee dropped five paisa for buying and selling at 59.68 and 59.70 per dollar, respectively. Thus, the rupee has lost 10 paisa within two days as the market reopened on Thursday after observing three-day holiday on account of Eid-ul-Fitr, dealers said.
After long weekend, importers rushed to the market to meet the emerging demand for payments, currency experts said.
They, however, added that the rupee-dollar parity rates might show further weakness as debt payments of 65-70 million dollars are still in hand to clear.
Since the beginning of the fiscal year, the rupee has lost nearly five percent against dollar, with most of the losses occurring in September and October because of a widening trade deficit.
According to Federal Bureau of Statistics, the trade deficit for the period from July to October was 1.43 billion dollars, against 314.72 million dollars in the same period of last year.
High oil prices and a sharp increase in the import of machinery and raw materials were mainly responsible for the trade deficit, officials said.
OPEN MARKET RATES: The rupee managed to hold on to its overnight levels versus dollar for buying and selling at Rs 60.05 and Rs 60.10, dealers said.
By and large, the rates were unchanged on easy supply of dollars in the market, they added.
Profit-taking pushed euro rates down versus dollar in the international markets, dealers said. As a result, the single European currency lost 30 paisa in relation to rupee for buying and selling at Rs 76.80 and Rs 77.10 amid modest trading
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Kerb buying Rs 60.05
Kerb selling Rs 60.10
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Friday.
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Buying Rs 59.68
Selling Rs 59.70
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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 7.00 7.40 7.25 7.40 7.26
1-Week 5.50 5.75 6.25 6.50 6.00
2-Week 4.25 4.50 4.50 5.00 4.56
1-Month 3.75 4.00 4.25 4.50 4.13
2-Months 4.00 4.25 4.50 4.75 4.38
3-Months 3.60 3.70 4.00 4.20 3.88
4-Months 3.75 4.00 4.25 4.50 4.13
5-Months 4.00 4.25 4.50 4.75 4.38
6-Months 4.25 4.50 4.75 5.00 4.63
9-Months 3.80 4.50 4.75 5.00 4.51
1-Year 4.25 4.50 4.75 5.25 4.69
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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 7.25 7.50 7.40 7.45 7.40
1-Week 5.75 6.50 7.00 7.25 6.63
2-Week 4.75 5.25 5.50 6.00 5.38
1-Month 4.25 4.75 5.25 5.75 5.00
2-Month 4.25 4.50 5.00 5.25 4.75
3-Month 4.00 4.25 4.50 4.75 4.38
4-Month 4.20 4.40 4.60 4.80 4.50
5-Month 4.50 4.75 5.00 5.25 4.88
6-Month 4.50 5.00 5.20 5.50 5.05
9-Month 5.00 5.25 5.50 5.75 5.38
1-Year 5.25 5.50 6.00 6.50 5.81
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RUPEE IN LAHORE: In relation to dollar the rupee improved its worth by five paisa on selling side at Rs 60.25, while it remained unchanged on buying side at Rs 60.10 at Lahore currency market on Friday.
There was no visible change in dollar's demand and supply situation, which provided support to the local currency. The dollar resumed trading at overnight closing levels of Rs 60.10 and Rs 60.30 on buying and selling counters, respectively. During the entire day's trading, the dollar subdued at Thursday's closing rate of Rs 60.10 on buying side, while it marginally declined from Rs 60.30 to Rs 60.25 on selling side, the currency dealers said.
The rupee also showed stability as rupee-pound parity remained unchanged at previous closing levels. The British currency was traded at Rs 110.20 and Rs 110.60 on buying and selling counters, respectively, dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: ISLAMABAD: The dollar showed an improvement of 20 paisa against the rupee at the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 60.10 (buying) and Rs 60.20 (selling) against last rate of Rs 59.90 (buying) and Rs 60.00 (selling). It did not observe any further change in the evening session and closed at Rs 60.10 (buying) and Rs 60.20 (selling).
Pound sterling opened at Rs 110.00 (buying) and Rs 110.20 (selling) against same last rate. It did not observe any further change in the evening session and closed at Rs 110.00 (buying) and Rs 110.20 (selling).
Euro opened at Rs 77.00 (buying) and Rs 77.20 (selling) in the first trading session. It did not observe any further change by the end of the day and closed at Rs 77.00 (buying) and Rs 77.20 (selling).
Canadian dollar opened at Rs 48.90 (buying) and Rs 49.00 (selling) in the morning session. It did not witness any further change by the end of second spell and closed at Rs 48.90 (buying) and Rs 49.00 (selling).
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