The rupee moved both ways against the dollar and drifted sharply lower versus the euro in the open market on Monday, dealers said. The rupee started the new fiscal year 2006-07 on negative note in the interbank market, showing four paisa loss against the dollar for buying at 60.24 and slid three paisa for selling at 60.25, respectively.
Market sources said that the rupee came under pressure as the dollars' supply was tight due to weekly holiday of the world markets. They hope the rupee might come out of the weakness after the improvement in the dollars' supply.
In the international markets, the dollar was hurt slightly against the yen, but the Japanese currency could not sustain a rally triggered by an upbeat reading in the Bank of Japan's quarterly tankan business sentiment poll.
The euro held near an earlier three-week high, as stronger than expected euro zone manufacturing sector data supported the view that the European Central Bank could accelerate rate hikes.
OPEN MARKET RATES: On the back of positive outlook in the overseas market, the euro picked up nearly rupee one against the local currency for buying and selling Rs 77.20 and Rs 77.30, respectively. The rupee did not show any change versus the dollar for buying and selling at 60.60 and 60.65, dealers said.
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Buying Rs 60.60
Selling Rs 60.65
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Monday.
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Buying Rs 60.24
Selling Rs 60.25
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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 6.75 8.00 7.25 8.25 7.56
1-Week 7.90 8.25 8.10 8.40 8.16
2-Weeks 8.10 8.35 8.25 8.45 8.29
1-Month 8.20 8.40 8.30 8.50 8.35
2-Months 8.20 8.40 8.30 8.45 8.34
3-Months 8.25 8.55 8.35 8.60 8.44
4-Months 8.30 8.60 8.40 8.65 8.49
5-Months 8.40 8.65 8.55 8.70 8.58
6-Months 8.50 8.70 8.65 8.75 8.65
9-Months 8.60 8.75 8.75 8.85 8.74
1-Year 8.70 8.80 8.80 8.85 8.79
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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 8.25 7.50 8.50 7.88
1-Week 8.00 8.50 8.25 8.75 8.38
2-Weeks 8.25 8.50 8.40 8.75 8.48
1-Month 8.50 8.90 8.75 9.00 8.79
2-Months 8.75 9.10 8.90 9.40 9.04
3-Months 8.75 9.25 8.90 9.50 9.10
4-Months 8.90 9.40 9.10 9.60 9.25
5-Months 9.00 9.50 9.25 9.60 9.34
6-Months 9.25 9.50 9.40 9.70 9.46
9-Months 9.25 9.75 9.60 10.00 9.65
1-Year 9.50 9.75 9.75 10.25 9.81
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RUPEE IN LAHORE: The Pak rupee opened the week on a positive note as it improved its value by 5-paisa in relation to the greenback in the local currency markets.
According to the currency dealers, the dollar's trading commenced at Saturday's closing rates of Rs 60.65 and Rs 60.75 on buying and selling counters, respectively. The dollar could not sustain due to lacking buying support and declined to Rs 60.60 and Rs 60.70 on buying and selling sides, respectively, the dealers added.
Similarly, the local currency remained firm and appreciated its value against the pound sterling. The pound's buying rate declined from previous closing of Rs 111.50 to Rs 111.20 while selling rate moved down from Rs 111.80 to Rs 111.60, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee surged by 10 paisa against the dollar in the open currency market of Islamabad and Rawalpindi on Monday.
The dollar opened at Rs 60.60 (buying) and Rs 60.70 (selling) against the last rate of Rs 60.70 (buying) and Rs 60.80 (selling). It did not observe any major change by the end of second session , and closed at Rs 60.60 (buying) and Rs 60.70 (selling).
Pound sterling opened at Rs 111.40 (buying) and Rs 111.60 (selling) against the last rate of Rs 110.70 (buying) and Rs 111 (selling). It did not observe any further change in the evening session and closed at Rs 111.40 (buying) and Rs 111.60 (selling).
Euro opened at Rs 77.15 (buying) and Rs 77.30 (selling) in the morning session. It did not observe any further fluctuation by the end of second session and closed at Rs 77.15 (buying) and Rs 77.30 (selling).
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