Weak sentiment was seen in the interbank market on Monday as the rupee failed to maintain its weekend's firmness, losing six paisa for buying and selling at 60.88 and 60.89, respectively. The rupee met with modest fall on rush buying of dollars by the importers, dealers said.
According to some dealers, it appeared that the rupee may come under pressure due to extended demand by the importers it might cross a resisting mark of 61.00. Commenting on the downward revision in the Pak rupee's value, some money experts at the Forex Association of Pakistan (FAP) said that better quality of products help in increasing the country's exports but it's also a fact that a cheap currency of any country helps in boosting the exports.
In the beginning session of the week, the yen hit a record low against the euro and fell versus the dollar, after a weekend meeting of Group of 20 finance chiefs yielded few comments on the Japanese currency's recent weakness or on carry trades.
Besides, the euro was also supported after European Central Bank President Jean-Claude Trichet said the ECB has to be strongly vigilant on inflation risks.
"(Trichet) seems to be generally massaging up market expectations of just how far the ECB would move to suggest they are going to carry on (hiking rates) in to 2007," said Martin McMahon, FX strategist at Credit Suisse in Zurich.
In the open market, against the interbank trend, the rupee gained six paisa in relation to the dollar for buying at 60.82 and picked up four paisa for selling at 60.90, dealers said. The rupee continued its weekend sliding trend versus the euro, falling 13 paisa for buying and selling at Rs 77.88 and Rs 77.98, respectively.
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Buying Rs 60.82
Selling Rs 60.90
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Monday.
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Buying Rs 60.88
Selling Rs 60.89
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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 8.75 9.40 9.00 9.40 9.14
1-Week 8.75 8.90 8.85 9.00 8.88
2-Weeks 8.60 8.75 8.75 8.90 8.75
1-Month 8.60 8.85 8.80 9.00 8.81
2-Months 8.65 8.90 8.70 9.10 8.84
3-Months 8.65 8.90 8.70 9.15 8.85
4-Months 8.70 8.90 8.80 9.15 8.89
5-Months 8.75 8.90 8.85 9.15 8.91
6-Months 8.75 9.00 8.80 9.20 8.94
9-Months 8.85 9.10 9.00 9.25 9.05
1-Year 8.90 9.10 9.10 9.35 9.11
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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 9.25 10.00 9.50 10.25 9.75
1-Week 9.25 10.00 9.75 10.25 9.81
2-Weeks 9.50 10.25 10.00 10.50 10.06
1-Month 9.75 10.50 10.00 10.75 10.25
2-Months 9.75 10.50 10.25 10.75 10.31
3-Months 10.00 10.50 10.25 10.75 10.38
4-Months 10.00 10.50 10.25 11.00 10.44
5-Months 10.25 10.75 10.50 11.00 10.63
6-Months 10.25 11.00 10.50 11.25 10.75
9-Months 10.25 11.00 10.50 11.25 10.75
1-Year 10.50 11.25 11.00 11.50 11.06
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RUPEE IN LAHORE: The rupee showed stability and remained unchanged against the greenback in the local currency markets on Monday.
According to the currency dealers, the dollar's trading commenced at Saturday's closing levels of Rs 60.90 and Rs 61.00 on buying and selling sides, respectively. The dollar recorded fractional change in its value during the Monday's trading, but finally closed at the opening rates, the dealers said.
The rupee, however, opened on a negative note and registered loss against the pound sterling. The British pound was purchased at Rs 115.10, and sold at Rs 115.35 as compared to Saturday's rates of Rs 115.00 and Rs 115.30, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against dollar at the currency makets of Islamabad and Rawalpindi on Monday.
The dollar opened at Rs 60.70 (buying) and Rs 60.80 (selling) against same last week's rate. It did not observe any change and closed at the same rates---Rs 60.70 (buying) and Rs 60.80 (selling).
Pound sterling opened at Rs 115 (buying) and Rs 115.20 (selling) against same last week's rate. The British currency did not observe further change by the end of evening spell and closed at Rs 115 (buying) and Rs 115.20 (selling).
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