The rupee-dollar parity rates turned very erratic in the interbank market on panic buying of the greenback in the absence of unusual selling by the State Bank of Pakistan (SBP), said currency experts. In the early hours, they said the dollar was available at Rs 59.40 due to its extensive demand, later during the day, it gave up morning's weakness as market received some supplies to depict 20 paisa loss at Rs 59.35 and Rs 59.38 for buying and selling, respectively.
It was not only two or five paisa fall, but was also the biggest slide of the season and sharp loss in a single day decline, they said, adding since the week began, the rupee lost 35 and during the current month it depreciated nearly 60 paisa.
The importers' forward dollar buying and the delay in selling export bills by the exporters forced the rupee to extend its slide versus the dollar, apparently because of high demand for the dollars from importers, said experts.
The exporters were holding back their proceeds, creating dearth of the dollars and causing more pressure on the rupee, said banking sources.
According to the market sources, a sharp rise in the oil prices globally turned the import bills higher.
It is interesting to note that what would be the next level of the rupee-dollar parity rate, whether the State Bank intensifies its dollar selling or just leaves it on the market forces, dealers said.
After the US invasion of Iraq, the world political scenario has changed, analysts said, adding its negative impacts have started surfacing such as the oil prices touched the new high.
The rupee, however, shed five paisa versus the euro for buying and selling at Rs 72.80 and Rs 73.10.
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KERB BUYING Rs 59.60
KERB SELLING Rs 59.65
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BUYING Rs 59.35
SELLING Rs 59.38
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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 7.45 7.40 7.45 7.43
1-Week 5.75 6.25 6.50 6.75 6.31
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 4.10 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 6.50 6.75 7.00 6.56
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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