Weak trend was again seen in the interbank market on Friday as the rupee was lower by five paisa against dollar for buying at 61.90 and it also shed two paisa for selling at 61.92 in process of strong dollar demand by the importers, dealers said.
It was noticed that importers rush for dollars increased to meet the costlier payment requirement after the sharp rise in the oil prices on the global markets, money experts said. They said that dollar's value increased despite the fact that the market is receiving dollars as a result of selling of export proceeds.
In the Asian markets, the dollar was stuck near two-week lows versus the euro during the fifth and final session of the week after data showing the weakest regional factory activity since the last US recession in 2001 boosted expectations for a large Federal Reserve interest rate cut.
Many market players expect the Fed to slash overnight rates by another 50 basis points at its next meeting in March to 2.50 percent, following an unusually aggressive 125 basis points of cuts in January to help fend off a recession.
OPEN MARKET RATES: The rupee also depreciated against the US currency in the open market, dropping 25 paisa for buying and selling at 62.10 and 62.20, they said. The rupee also fell sharply against euro for buying and selling at Rs 91.55 and Rs 91.65, they said.
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Open Buying Rs 62.10
Open Selling Rs 62.20
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Friday.
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Buying Rs 61.90
Selling Rs 61.92
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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 10.40 10.45 10.40 10.45 10.43
1-Week 9.75 10.00 10.00 10.20 9.99
2-Weeks 9.65 9.90 9.75 10.00 9.83
1-Month 9.50 9.75 9.65 9.80 9.68
2-Months 9.40 9.50 9.50 9.60 9.50
3-Months 9.45 9.55 9.55 9.75 9.58
4-Months 9.50 9.65 9.65 9.75 9.64
5-Months 9.50 9.75 9.65 9.80 9.68
6-Months 9.55 9.75 9.70 9.90 9.73
9-Months 9.60 9.80 9.70 9.90 9.75
1-Year 9.65 9.80 9.75 9.90 9.78
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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 10.40 10.75 10.50 11.00 10.66
1-Week 10.00 10.25 10.20 10.40 10.21
2-Weeks 9.90 10.25 10.10 10.40 10.16
1-Month 9.75 10.25 10.00 10.40 10.10
2-Months 9.75 10.25 10.00 10.50 10.13
3-Months 9.75 10.30 10.00 10.50 10.14
4-Months 9.75 10.35 10.00 10.50 10.15
5-Months 9.90 10.40 10.20 10.50 10.25
6-Months 10.00 10.40 10.25 10.50 10.29
9-Months 10.00 10.50 10.25 10.60 10.34
1-Year 10.10 10.50 10.30 10.60 10.38
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RUPEE IN LAHORE: The rupee at Lahore currency market continued downward trend and remained under pressure against the US dollar on Friday. The dollar commenced trading considerably higher at Rs 62.00 and Rs 62.10 against the Thursday's closing of Rs 61.40 and Rs 62.00 as its buying and selling rates. The dollar kept moving up during the entire day's trading and finally closed at Rs 62.25 and Rs 62.35 on buying and selling sides, respectively.
Similarly, the rupee lost against the pound sterling. The pound's buying rate improved from overnight closing of Rs 120.80 to Rs 121.70 and selling rate from Rs 121.50 to Rs 122.10.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee gained 10 paisa against dollar at the currency markets of Islamabad and Rawalpindi on Friday.
The dollar opened at Rs 61.90 (buying) and Rs 62 (selling) against overnight value of Rs 62 (buying) and Rs 62.10 (selling) against last rate of Rs 63 (buying) and Rs 63.10 (selling). It did not observe any change in the evening session and closed at Rs 61.90 (buying) and Rs 62 (selling).
Pound sterling opened at Rs 121.80 (buying) and Rs 121.90 (selling) against last rate of Rs 121 (buying) and Rs 121.20 (selling). It did not observe further change in the evening session and closed at Rs 121.80 (buying) and Rs 121.90 (selling).
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