The rupee touched the nearly two-year lowest level versus the dollar in the inter-bank market on Wednesday for buying and selling at Rs 59.16 and Rs 59.18, dealers said. They also said that it was at its lowest level against the dollar after October 2002. An erosion was witnessed between the official and open market gap after the sharp fall in the rupee value in the inter-bank market, losing eight paisa versus dollar for buying and selling at Rs 59.16 and Rs 59.18, market men said.
Thus, the rupee has lost 15 paisa within three days in the absence of State Bank of Pakistan (SBP) intervention, market sources said. Just 20 days back, the difference was nearly 50 paisa between the two rates when the dollar was available at Rs 58.80 in the inter-bank market, dealers said.
In the open market it was at Rs 59.23, but now it came down approximately 35 paisa as the dollar buying and selling rate is at Rs 59.58 and Rs 59.63, respectively.
Market sources attributed the fall to expanding demand for dollar for oil payment bills and if the SBP adhered to the sidelines the rupee might continue its slide.
Since the week started the rupee is on the down side, analysts said, adding that now the signal is clear that the central bank has new resistance mark for the rupee-dollar official rate.
Exporters' entry was expected in the market to sell dollars due to lucrative profit, while the imported might indulge in forward dollar buying, they added.
In the world markets, the dollar reacted negatively to the fresh move by Federal Reserve fell versus major currencies as the Fed increased interest rates to 1.75 percent, dealers said.
On the back of dollar's slide, euro picked up 60 paisa in relation to the rupee for buying and selling at Rs 72.95 and Rs 73.25 in process of trading, they added.
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Kerb buying Rs 59.58
Kerb selling Rs 59.63
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Buying Rs 59.16
Selling Rs 59.18
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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 7.40 7.40 7.40 7.40 7.40
1-Week 5.75 6.00 6.25 6.50 6.13
2-Week 4.50 4.75 5.00 5.25 4.88
1-Month 3.30 3.50 3.70 3.90 3.60
2-Months 3.10 3.25 3.50 3.70 3.39
3-Months 3.00 3.40 3.25 3.75 3.35
4-Months 3.25 3.50 3.75 4.00 3.63
5-Months 3.30 3.50 3.80 4.00 3.68
6-Months 3.25 3.50 3.75 4.00 3.63
9-Months 3.40 3.60 3.80 4.20 3.75
1-Year 3.75 4.00 4.25 4.50 4.13
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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 7.40 7.40 7.40 7.40 7.40
1-Week 6.00 6.25 6.50 6.75 6.38
2-Week 4.75 5.00 5.25 5.50 5.13
1-Month 3.40 3.60 3.75 4.00 3.69
2-Month 3.25 3.50 3.75 4.00 3.63
3-Month 3.50 3.70 4.00 4.20 3.85
4-Month 3.70 3.50 .3.75 4.00 3.74
5-Month 3.25 3.90 4.10 4.25 3.88
6-Month 3.50 3.75 4.00 4.25 3.88
9-Month 3.60 3.90 4.10 4.25 3.96
1-Year 4.00 4.25 4.50 4.75 4.38
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