The rupee on Wednesday failed to come out of its persistent weakness versus the euro in the open market, losing 65 paisa for buying and selling at Rs 70.32 and Rs 70.62, dealers said.
According to market sources, the rupee went down as the single European currency has started showing its strength versus the dollar.
The dollar lost its ground in the world markets versus most currencies as the Federal Reserve Bank froze short-term interest rates at 1958 level. The Bank of England (BoE) kept rates unchanged.
The euro was gaining on the back of dollar's slide and expectations that the BoE may raise interest rates, local dealer said.
Currency experts, however, said that world's leading currencies were likely to move both ways ahead of European Central Bank (ECB), and Friday's US payroll report.
Since the start of the week, the rupee has lost nearly 90 paisa versus the euro, dealers said, but added that they expected that it might go down further in the near future.
The rupee did not move to any side versus dollar for buying and selling at Rs 58.05 and Rs 58.10, money changers said.
President of Forex Association of Pakistan (FAP) Malik Bostan said that under the present circumstances it seems that the rupee would trade within a band of Rs 57.90 to Rs 58.05. If the dollar goes down in the international markets, and market players experienced increased selling of the greenback the rupee may be able to expand its appreciation, he added.
The rupee shed two paisa versus the dollar for buying and selling in interbank dealing at Rs 57.48 and Rs 57.50, respectively.
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Kerb Buying Rs 58.05
Kerb Selling Rs 58.10
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Buying Rs 57.48Selling Rs 57.50
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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 1.50 4.00 2.00 4.50 3.00
1-Week 1.60 1.80 2.00 2.25 1.91
2-Week 1.60 1.80 1.90 2.25 1.89
1-Month 1.50 1.65 1.85 2.10 1.78
2-Months 1.60 1.70 1.90 2.10 1.83
3-Months 1.70 1.90 2.10 2.30 2.00
4-Months 1.80 2.00 2.20 2.40 2.10
5-Months 1.80 2.00 2.30 2.50 2.15
6-Months 1.85 2.00 2.30 2.40 2.14
9-Months 2.10 2.30 2.50 2.60 2.38
1-Year 2.30 2.50 2.70 2.90 2.60
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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 1.75 4.25 2.25 4.75 3.25
1-Week 2.00 2.25 2.50 2.75 2.38
2-Week 1.75 2.00 2.25 2.50 2.13
1-Month 1.75 2.00 2.25 2.50 2.13
2-Month 2.00 2.20 2.40 2.60 2.30
3-Month 2.00 2.25 2.50 2.75 2.38
4-Month 2.20 2.40 2.60 2.80 2.50
5-Month 2.25 2.50 2.70 2.80 2.56
6-Month 2.00 2.20 2.40 2.60 2.30
9-Month 2.20 2.40 2.60 2.80 2.50
1-Year 2.40 2.60 2.80 3.00 2.70
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