As a result of higher demand for dollars, the rupee hit the record low, crossing 87 level versus the greenback on Saturday, dealers said at the local currency market. The rupee continued its losses against dollar, shedding 23 paisa for buying at 87.13 and lost 20 paisa more for selling at 87.16 owing to the higher demand for dollar to meet oil payments, they said.
INTERBANK MARKET RATES: At the weekend dollar fell against euro and yen on Friday after Federal Reserve Chairman Ben Bernanke said the central bank can do more to boost growth but stopped short of detailing further action.
The Swiss franc tumbled to one-month lows versus both the dollar and euro after Swiss bank UBS said it may charge fees on some franc deposits. Bernanke, speaking in Jackson Hole, Wyoming, said the Fed had marked down its outlook for US growth and it would extend its September meeting to two days from one to consider its options. However, he said the onus for boosting long-term growth prospects lay at the feet of the White House and the US Congress.
OPEN MARKET RATES: In sympathy with the interbank rates, the rupee also slipped versus dollar in the open market, falling 10 paisa for buying and selling at 86.70 and 86.90, they added. The rupee also dropped by 55 paisa in terms of euro for buying and selling at Rs 125.48 and Rs 125.98, they said.
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Open Buying Rs.86.70
Open Selling Rs.86.90
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
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Buying Rs.87.13
Selling Rs.87.15
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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 10.60 11.00 10.60 11.20 10.85
1-Week 12.50 12.75 12.75 12.90 12.73
2-Week 12.70 12.90 12.90 13.10 12.90
1-Month 12.90 13.10 13.20 13.30 13.13
2-Months 13.00 13.10 13.20 13.30 13.15
3-Months 13.00 13.15 13.25 13.30 13.18
4-Months 13.00 13.20 13.25 13.30 13.19
5-Months 13.00 13.20 13.25 13.30 13.19
6-Months 13.05 13.20 13.25 13.30 13.20
9-Months 13.15 13.25 13.35 13.40 13.29
1-Year 13.20 13.30 13.35 13.40 13.31
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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 10.60 11.00 10.75 11.25 10.90
1-Week 12.50 12.75 12.85 12.95 12.76
2-Week 12.70 12.90 13.00 13.15 12.94
1-Month 12.90 13.10 13.25 13.35 13.15
2-Months 13.05 13.15 13.30 13.35 13.21
3-Months 13.05 13.15 13.30 13.35 13.21
4-Months 13.00 13.20 13.30 13.35 13.21
5-Months 13.00 13.20 13.30 13.40 13.23
6-Months 13.05 13.20 13.30 13.40 13.24
9-Months 13.15 13.25 13.40 13.40 13.30
1-Year 13.20 13.30 13.40 13.45 13.34
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RUPEE IN LAHORE: The rupee maintained downward slide and further declined by five-paisa on buying side and 15-paisa on selling side against the dollar in the local currency market on Saturday.
According to the currency dealers, the dollar witnessed fresh demand that pushed the rupee value down in the open market. The dollar was ended higher at Rs 86.70 and Rs 87.00, as its buying and selling rate against the Friday closing of Rs 86.65 and Rs 86.85, respectively, the dealers said.
Similarly, the rupee failed to continue upward slide and was declined against the pound sterling. The pound was purchased and sold at Rs 141.50 and Rs 142.20, as compared to overnight closing of Rs 141.50 and Rs 142.00, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 86.02 (buying) and Rs 86.30 (selling) against the last week's rate. It did not observe further change in the second session and closed at Rs 86.02 (buying) and Rs 86.30 (selling).
Pound Sterling opened at Rs 138.35 (buying) and Rs 138.50 (selling) against the overnight value. British currency did not observe further change in the evening session and closed at Rs 138.35 (buying) and Rs 138.50 (selling).
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