Importers rush for dollars, forced the rupee to extend its overnight slide versus the greenback in the interbank market on Tuesday, dropping 31 paisa for buying and selling at 62.54 and 62.57, money experts said.
The payments are so high due to rising oil prices in the world markets and it may not be good for the rupee's health as it is losing its lustre on higher demand for dollars, they said. Wide gap between imports and exports is a leading factor behind the dollars surge in the market and it seems that if imports go up further, the demand for dollars would rise definitely in days to come, some other analysts said.
Political stability is a key point in restoring the confidence of the foreign investors, that no doubt caused high inflows of dollars, they said. In the second Asian session, yen edged as Tokyo shares gave up early gains and fell, prompting some mild selling of higher-yielding currencies that dragged the Australian dollar down from three-month highs. The yen had fallen across the board on Monday after Standard & Poor's affirmed the top-notch credit rating of US bond insurer MBIA Inc, easing some concerns about ailing credit markets and giving a boost to riskier assets like stocks.
OPEN MARKET RATES: Bearish sentiment was again witnessed on the open market as the rupee lost 25 paisa against the dollar for buying and selling at 62.60 and 62.70 in process of trading, they said.
The rupee shed its value sharply due to increased demand by the interbank market, they said. At the same time, the rupee could not maintain its firmness against euro, falling 30 paisa for buying and selling at Rs 92.55 and Rs 92.65, they said.
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Open Buying Rs 62.60
Open Selling Rs 62.70
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Tuesday.
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Buying Rs 62.54
Selling Rs 62.57
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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 10.00 9.00 10.10 9.46
1-Week 9.50 9.70 9.60 9.80 9.65
2-Weeks 9.40 9.70 9.55 9.75 9.60
1-Month 9.40 9.65 9.55 9.75 9.59
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 9.25 10.00 9.50 10.25 9.75
1-Week 9.75 10.00 9.90 10.25 9.98
2-Weeks 9.75 10.00 10.00 10.25 10.00
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-dollar parity remained unchanged against dollar on Tuesday at Lahore currency market amid a sluggish trading. The dollar was traded at Monday's closing rates of Rs 62.50 and Rs 62.60 on buying and selling sides.
The rupee remained under pressure against the pound whose buying rate further improved from the overnight closing of Rs 122.70 to Rs 122.90 while its selling rate moved up from Rs 123.10 to Rs 123.40.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged at the currency markets of Islamabad and Rawalpindi on Tuesday.
The dollar opened at Rs 62.50 (buying) and Rs 62.60 (selling) against same overnight value. It did not observe any change in the evening session and closed at Rs 62.50 (buying) and Rs 62.60 (selling).
Pound sterling opened at Rs 122.70 (buying) and Rs 122.80 (selling) against last rate of Rs 122.60 (buying) and Rs 122.80 (selling). It did not witness further change in the evening session and closed at Rs 122.70 (buying) and Rs 122.80 (selling).
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