Technical support favoured the euro to come out of its recent drifting position in the world markets and in the open market on Tuesday as well, dealers said. Currency viewers said that it was observed that the dollar gave up it firmness on profit-taking as many dollar holders in overseas markets started selling the US currency due to its higher rate, which helped the single European currency to recover some lost ground.
They predicted that the euro's recovery might be short-lived if the dollar goes on extending its buying in the global markets.
In fact, narrow-than-expected the US trade deficit and expectations of slow pace in the interest rates were the boosting factor for the dollar, they said.
The euro gained 30 paisa versus the rupee for buying and selling at Rs 73.80 and Rs 74.00 on the back of dollars' weakness, dealers said.
The rupee-dollar parity remained unchanged at 60.40 and 60.45 as the dollars' supply was enough to meet the market demand, money dealers said.
INTER-BANK MARKET: The rupee shed one paisa in relation to the dollar for buying and selling at 59.66 and 59.67, respectively.
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Kerb Buying Rs 60.40
Kerb Selling Rs 60.45
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Tuesday.
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Buying Rs 59.66
Selling Rs 59.67
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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 5.50 7.50 6.00 8.00 6.75
1-Week 5.25 6.25 5.50 6.75 5.94
2-Week 6.00 6.25 6.50 6.75 6.38
1-Month 6.75 7.00 7.00 7.20 6.99
2-Months 7.00 7.25 7.25 7.50 7.25
3-Months 7.15 7.35 7.50 7.75 7.44
4-Months 7.25 7.50 7.75 8.00 7.63
5-Months 7.40 7.70 7.90 8.25 7.81
6-Months 7.75 8.00 8.00 8.25 8.00
9-Months 7.85 8.00 8.25 8.50 8.15
1-Year 8.00 8.25 8.50 9.00 8.44
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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 6.00 8.00 6.50 8.50 7.25
1-Week 5.75 6.75 6.00 7.25 6.44
2-Week 6.50 6.75 7.00 7.70 6.99
1-Month 7.25 7.50 7.40 8.00 7.54
2-Months 7.50 7.75 8.00 8.25 7.88
3-Months 7.65 7.85 8.10 8.50 8.03
4-Months 8.20 8.50 8.70 8.80 8.55
5-Months 8.50 8.70 9.00 9.20 8.85
6-Months 8.60 8.80 8.90 9.10 8.85
9-Months 8.75 8.90 9.20 9.30 9.04
1-Year 8.90 9.00 9.30 9.40 9.15
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RUPEE IN LAHORE: The rupee failed to maintain upward trend and depreciated its value by five paisa in relation to the greenback in the local currency markets on Tuesday.
Currency dealers said the dollar witnessed marginal increase in its demand, which caused depreciation in the value of the rupee in the kerb. The dollar's trading commenced at overnight closing rates of Rs 60.65 and Rs 60.75 on buying and selling counters, respectively. However, the dollar moved up on account of buying interest and finally closed higher at Rs 60.70 and Rs 60.80 on buying and selling sides, respectively, they added.
Likewise, the rupee remained under pressure and depreciated its worth against the pound sterling. The pound's buying rate improved from Rs 109.50 to Rs 109.90 while selling rate increased from Rs 111.00 to Rs 111.30, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The buying and selling rates of the dollar against the rupee remained unchanged in the open currency markets of Islamabad and Rawalpindi on Tuesday.
The dollar opened at Rs 60.40 (buying) and Rs 60.50 (selling) against the last rate. It did not observe any further change in the second spell, and closed at Rs 60.40 (buying) and Rs 60.50 (selling).
Pound sterling opened at Rs 110.60 (buying) and Rs 110.70 (selling) against the overnight value. It did not observe any change in the second session, and closed at Rs 110.60 (buying) and Rs 110.70 (selling).
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