The rupee-dollar official parity rates on Wednesday failed to retain upward journey in the absence of any positive signal about the political settlement, money experts said.
Despite the fact that leaders of coalition government were struggling to resolve immediate issues after Pervez Musharraf's resignation, raising questions about their ability to meet longer-term challenges, they said. In the interbank market, the rupee was down by 30 paisa against dollar for buying at 74.80 and it also shed 25 for selling at 74.85, they said.
Under the present circumstances the country is in danger of a further downgrading of its "B2" sovereign credit rating as its foreign exchange reserves are being rapidly depleted, Moody's Investors Service said. In the third Asian trading dollar steadied, but was off a seven-month high as a recovery in gold and oil prices as well as concerns about the US financial system weighed on sentiment for the greenback.
The crude oil and gold pushed higher and showed signs of snapping their month-long sell-off. That underscored the dollar's vulnerability, as the tumbles in oil and gold had reinforced its broad gains.
OPEN MARKET RATES: The rupee followed same path in the open market, giving up 20 against dollar for buying at 73.60 and it also came under pressure, shedding 70 paisa for selling at 74.50, they said. The rupee drifted lower in relation to euro, losing sharply by Rs 2.35 at Rs 108.40 and it lost Rs 2.40 to Rs 108.60, they added.
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Open Buying Rs 73.60
Open Selling Rs 74.50
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Interbank Closing Rates: Interbank Closing Rates For Dollar On Wednesday.
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Buying Rs 74.80
Selling Rs 74.85
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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 12.00 12.90 12.50 12.90 12.58
1-Week 12.25 12.50 12.50 12.60 12.46
2-Week 12.20 12.40 12.50 12.60 12.43
1-Month 11.80 12.10 12.10 12.30 12.08
2-Months 11.75 12.10 12.00 12.20 12.01
3-Months 11.80 12.10 12.00 12.30 12.05
4-Months 11.85 12.10 12.10 12.30 12.09
5-Months 11.90 12.20 12.15 12.30 12.14
6-Months 11.90 12.25 12.15 12.35 12.16
9-Months 12.00 12.25 12.20 12.35 12.20
1-Year 12.10 12.25 12.20 12.40 12.24
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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 13.00 14.50 13.50 15.00 14.00
1-Week 12.75 14.00 13.25 14.50 13.63
2-Week 12.75 14.00 13.00 14.50 13.56
1-Month 12.50 14.00 13.25 14.25 13.50
2-Months 13.00 14.00 13.50 14.50 13.75
3-Months 13.00 14.50 13.50 15.00 14.00
4-Months 13.00 14.50 13.75 15.00 14.06
5-Months 13.00 14.75 14.00 15.25 14.25
6-Months 13.50 15.00 14.00 15.50 14.50
9-Months 13.75 15.00 14.50 15.50 14.69
1-Year 14.00 15.50 14.75 15.75 15.00
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RUPEE IN LAHORE: The dollar showed strength against rupee at the currency markets of Lahore on Wednesday. The dollar opened at Rs 73.00 (buying) and Rs 74.30 (selling) against Tuesday's rate of Rs 72.50 (buying) and Rs 74.00 (selling). It observed further change in the evening session and closed at Rs 74.50 (buying) and Rs 75.00 (selling). Pound sterling opened at Rs 137.35 (buying) and Rs 138.20 (selling) against last rate of Rs 134.00 (buying) and Rs 138.00 (selling). It closed at Rs 137.60 (buying) and Rs 138.50 (selling). The local currency dealers were of the view that the dollar kept on showing upward slide throughout the day mainly due to increasing demand.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 100 paisa against the rupee at the currency markets of Islamabad and Rawalpindi on Wednesday. The dollar opened at Rs 74.50 (buying) and Rs 74.60 (selling) against last rate of Rs 73.50 (buying) and Rs 74 (selling). It did not observe further change in the evening session and closed at Rs 74.50 (buying) and Rs 74.60 (selling). Pound sterling opened at Rs 138 (buying) and Rs 139 (selling) against last rate of Rs 136 (buying) and Rs 137 (selling). It did not observe further change in the evening session and closed at Rs 138 (buying) and Rs 139 (selling).
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