Bearish trend was seen in the currency market on Tuesday as the rupee fell modestly in relation to the dollar, dealers said. The rupee drifted lower in the interbank market, shedding three paisa against the dollar for buying at 60.77 and dropping two paisa for selling at 60.78, they said.
Surging demand from importers pushed the dollar's value up and it is expected that the US currency may show slight gain in the coming days, money experts said.
In the world market, the yen held near a four-year low versus the dollar as investors shunned the low-yielding currency after the Bank of Japan (BoJ) kept rates on hold last week.
With Japan's rates already near zero and doubts brewing about whether the BOJ will be able to raise rates in February, the yen kept struggling against higher-yielding rivals.
OPEN MARKET RATES: Th rupee continued its weakness in relation to the dollar, shedding three paisa for buying at 60.85 and slipping five paisa for selling at 60.95, they said.
Rising buying by the different banks, created dearth of the dollar in the market. If dollars' supply increases, the rupee will recover its lost ground, they said.
The rupee, however, picked up 42 paisa against the euro for buying and selling at Rs 78.40 and Rs 78.50, dealers said.
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Buying Rs 60.85
Selling Rs 60.95
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Tuesday.
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Buying Rs 60.77
Selling Rs 60.78
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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 8.50 8.75 8.60 9.00 8.71
1-Week 8.50 8.70 8.60 8.80 8.65
2-Weeks 8.50 8.75 8.65 8.90 8.70
1-Month 8.60 8.80 8.70 8.90 8.75
2-Months 8.65 8.80 8.75 8.90 8.78
3-Months 8.70 8.90 8.75 9.00 8.84
4-Months 8.70 9.00 8.80 9.10 8.90
5-Months 8.75 9.00 8.85 9.15 8.94
6-Months 8.80 9.00 8.90 9.20 8.98
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 9.00 9.75 9.25 10.00 10.05
1-Week 9.25 9.75 9.50 10.00 9.75
2-Weeks 9.50 9.75 9.75 10.00 10.01
1-Month 9.50 10.00 9.75 10.25 10.38
2-Months 9.50 10.00 9.75 10.50 10.62
3-Months 9.75 10.50 10.25 10.75 10.77
4-Months 10.00 10.75 10.25 11.00 10.98
5-Months 10.00 10.75 10.50 11.00 11.19
6-Months 10.25 11.00 10.75 11.25 11.43
9-Months 10.40 11.00 11.00 11.50 10.98
1-Year 10.50 11.25 11.00 11.50 11.06
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RUPEE IN LAHORE: The dollar-rupee parity remained unchanged amid sluggish trading trend in the local currency markets on Tuesday.
According to the currency dealers, the dollar commenced trading at overnight closing rates of Rs 60.80 and Rs 60.90 as its buying and selling rates, respectively. There was no visible change in the dollar's demand and supply situation, which helped the local currency maintain its overnight position. The opening rates of the dollar continued to prevail during the entire day's trading and finally closed at the same level, the dealers said.
On the contrary, the local currency remained under pressure and further lost its value against the pound sterling. The British pound was purchased at Rs 120.15 and was sold at Rs 120.45 as compared to Monday's closing rates of Rs 119.60 and Rs 119.90, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The buying and selling rates of dollar against the rupee remained unchanged at the open currency markets of Islamabad and Rawalpindi on Tuesday.
The dollar opened at Rs 60.90 (buying) and Rs 61 (selling) against same last rate. It did not observe any change in the second spell and closed at Rs 60.90 (buying) and Rs 61 (selling).
Pound Sterling opened at Rs 119.20 (buying) and Rs 119.40 (selling) against same overnight value. It did not observe any further change in the evening spell and closed at Rs 119.20 (buying) and Rs 119.40 (selling).
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