Sliding trend was seen in the open market on Thursday on increased demand for dollars by the corporate sector, resultantly the rupee suffered modest decline, shedding 10 paisa for buying at 59.90 and losing five paisa on the selling counter at 59.95, moneychangers said. The market players observed the higher demand for dollars was to meet the major payments ahead of the holiday on account of the Eid Milad-un-Nabi (SAW).
Banks' demand for the US currency eroding the rupee's firm sentiment and it seems that the rupee might lose marginally ahead of the federal budget 2005-06, experts said.
Recent rise in the oil prices the world over had turned the import bills higher and this sole factor is pushing the dollar demand up in the local market, dealers said.
Otherwise, the rupee was steadier for a long time as the market players did not observe any unusual dollar buying, analysts said.
The rupee continued its overnight weakness versus the euro, losing 25 paisa for buying and selling at 78.15 and Rs 78.45 on expanding the single European currency's value in the world markets, dealers said.
In the international markets, slowing economic growth in the United States kept the dollar in the minus column, drifting lower versus the euro and yen, dealers said.
They, however, said that the rupee might not show sharp fall as the State Bank of Pakistan (SBP) was providing dollars for major oil payments.

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Kerb Buying             Rs 59.90
Kerb Selling            Rs 59.95
================================

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Buying                Rs 59.44
Selling               Rs 59.45
==============================
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Repo Rates (Yield p a)
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Tenor      Low Bid   High Bid   Low Offer   High Offer    Average
=================================================================
Overnight   0.50       3.50       1.00        4.00           2.25
1-Week      4.00       4.25       4.50        4.75           4.38
2-Week      4.75       5.00       5.25        5.50           5.13
1-Month     5.50       5.70       6.00        6.50           5.93
2-Months    5.70       5.90       6.10        6.25           5.99
3-Months    5.90       6.10       6.25        6.40           6.16
4-Months    6.25       6.40       6.60        6.90           6.54
5-Months    6.40       6.70       7.00        7.25           6.84
6-Months    6.70       6.90       7.25        7.50           7.09
9-Months    7.00       7.25       7.50        7.75           7.38
1-Year      7.25       7.50       7.75        8.00           7.63
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Call Rates (Yield p a)
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Tenor      Low Bid   High Bid   Low Offer   High Offer    Average
=================================================================
Overnight   1.50       6.00       2.00        6.50           4.00
1-Week      4.75       5.00       5.75        6.00           5.38
2-Week      5.50       5.75       6.00        6.25           5.88
1-Months    6.00       6.25       6.75        7.00           6.50
2-Months    6.25       6.40       6.90        7.20           6.69
3-Months    6.75       7.00       7.25        7.40           7.10
4-Months    6.90       7.10       7.40        7.50           7.23
5-Months    7.00       7.20       7.50        7.70           7.35
6-Months    7.40       7.60       7.80        8.00           7.70
9-Months    7.75       7.90       8.10        8.30           8.01
1-Year      8.00       8.25       8.50        8.70           8.36
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