Some erratic movements were witnessed on the currency market on Tuesday as rates moved both ways, dealers said. On interbank market, the rupee maintained its parity with dollar for buying at 80.53 but was lower by two paisa for selling at 80.58, they said.
This situation was attributed to the balanced demand and supply position and a bit of slackness in international trade because of the recession the world over, money experts said. Meanwhile, on Asian markets yen and dollar rose as renewed nervousness about banks' health stalled a rally in riskier assets, but the Australian dollar climbed after its central bank opted for a modest rate cut.
With many Asian stock markets in the red after a fall on Wall Street on Monday, yen and dollar benefited as investors took defensive positions and pocketed profits from a recent run higher in the euro and higher yielding currencies.
But the Australian dollar rose against the greenback after the Reserve Bank of Australia, in a much-awaited decision, cut its key cash rate by 25 basis points to a record low of 3.0 percent, less than some had wagered. The euro fell 0.8 percent to 134.50 yen, after touching 137.42 yen on Monday.
OPEN MARKET RATES: The position on open market was a shade different from interbank market. The rupee was lower by 10 paisa versus dollar for buying at 80.55 but higher by five paisa at 80.65 for selling. However, the rupee staged a smart recovery against euro by gaining Rs 1.30 for buying and selling at Rs 107.20 and Rs 108.20, respectively.
Interbank Closing Rates: Interbank Closing Rates For Dollar On Tuesday.
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Buying Rs 80.53
Selling Rs 80.58
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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 14.00 14.90 14.25 14.90 14.51
1-Week 13.00 13.50 13.50 13.75 13.44
2-Week 12.75 13.00 13.00 13.25 13.00
1-Month 12.25 12.60 12.50 12.75 12.53
2-Months 11.70 12.00 11.90 12.10 11.93
3-Months 11.70 12.00 11.90 12.20 11.95
4-Months 11.75 12.10 12.00 12.20 12.01
5-Months 11.90 12.10 12.10 12.25 12.09
6-Months 11.90 12.15 12.10 12.25 12.10
9-Months 12.00 12.25 12.20 12.30 12.19
1-Year 12.00 12.25 12.25 12.40 12.23
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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 14.25 14.90 14.50 15.00 14.66
1-Week 13.50 14.00 13.75 14.50 13.94
2-Week 13.00 13.50 13.25 13.75 13.38
1-Month 12.90 13.25 13.25 13.50 13.23
2-Months 12.75 13.25 13.25 13.50 13.19
3-Months 12.75 13.30 13.25 13.60 13.23
4-Months 12.90 13.35 13.30 13.45 13.25
5-Months 13.00 13.50 13.40 13.60 13.38
6-Months 13.00 13.60 13.50 13.75 13.46
9-Months 13.20 13.75 13.50 14.00 13.61
1-Year 13.30 13.75 13.40 14.00 13.61
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RUPEE IN LAHORE: The rupee lost 10 paisa against dollar in Lahore currency market on Tuesday.The dollar closed at Rs 80.85 and Rs 81.10 as compared to Monday's Rs 80.75 and Rs 81.00 on buying and selling sides, respectively, dealers said.
On the contrary, the rupee recovered some of its overnight loss and improved against British pound. The pound's buying and selling rates could not sustain and slid down to Rs 116.50 and Rs 118.00 against overnight Rs 119.00 and Rs 120.00, respectively, dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee lost 10 paisa against dollar in Lahore currency market on Tuesday.The dollar closed at Rs 80.85 and Rs 81.10 as compared to Monday's Rs 80.75 and Rs 81.00 on buying and selling sides, respectively, dealers said.
On the contrary, the rupee recovered some of its overnight loss and improved against British pound. The pound's buying and selling rates could not sustain and slid down to Rs 116.50 and Rs 118.00 against overnight Rs 119.00 and Rs 120.00, respectively, dealers said.
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