The rupee maintained its parity with the dollar in the interbank market on Tuesday, for buying and selling at 59.75 and 59.77, respectively. Since the week started, easy supply of dollar helped the rupee to remain firm versus the dollar, they said.
According to the market sources, dollars' demand by the banks was high due to month-end payments but inflows were strong which helped the rupee to resist the erosion.
Inflows in shape of remittances boosting the rupee ahead of the Ramazan as the overseas Pakistanis send money home to their relatives for Eid-ul-fitr celebrations, they said.
The trade deficit has been widened due to soaring oil prices in the international markets, currency experts said.
In the world markets, the dollar soared to two-month high versus the euro on the expectations of further increase in the US interest rate in the coming days and also lower-than-expected damages by the Hurricane.
The rupee posted fresh rise of 15 paisa in relation to the euro for buying and selling at Rs 72.45 and Rs 72.65, dealers said.
================================
Kerb Buying Rs 60.35
Kerb Selling Rs 60.44
================================
==============================
Buying Rs 59.75
Selling Rs 59.77
==============================
=================================================================
Repo Rates (Yield p a)
-----------------------------------------------------------------
Tenor Low Bid High Bid Low Offer High Offer Average
=================================================================
Overnight 8.50 8.90 8.75 8.90 8.76
1-Week 8.00 8.10 8.25 8.40 8.19
2-Week 7.90 8.00 8.05 8.10 8.01
1-Month 7.90 8.00 8.15 8.25 8.08
2-Months 7.90 8.20 8.10 8.30 8.13
3-Months 7.90 8.15 8.10 8.30 8.11
4-Months 8.00 8.25 8.20 8.40 8.21
5-Months 8.10 8.30 8.30 8.50 8.30
6-Months 8.20 8.35 8.30 8.50 8.34
9-Months 8.25 8.50 8.40 8.60 8.44
1-Year 8.45 8.65 8.70 8.80 8.65
=================================================================
Call Rates (Yield p a)
-----------------------------------------------------------------
Tenor Low Bid High Bid Low Offer High Offer Average
=================================================================
Overnight 8.75 9.00 9.00 9.25 9.00
1-Week 8.30 8.60 8.75 9.00 8.66
2-Week 8.25 8.50 8.75 8.90 8.60
1-Month 8.25 8.75 8.60 9.25 8.71
2-Months 8.30 8.75 8.75 9.00 8.70
3-Months 8.40 9.00 8.60 9.25 8.81
4-Months 8.40 9.00 8.60 9.25 8.81
5-Months 8.40 9.00 8.80 9.35 8.89
6-Months 8.50 9.25 9.00 9.50 9.06
9-Months 8.75 9.40 9.20 9.60 9.24
1-Year 9.00 9.50 9.60 9.75 9.46
=================================================================
According to the currency dealers, the dollar resumed trading at overnight closing rates of Rs 60.40 and Rs 60.50 as its buying and selling rates, respectively. With the increase in the demand for dollar, its rate kept rising trend and finally closed at Rs 60.45 and Rs 60.55 on buying and selling sides, respectively, the dealers said.
The rupee, however, remained firm and appreciated its worth against the pound sterling. The pound's buying rate declined from Monday's closing rate of Rs 107.25 to Rs 106.90, while its selling rate decreased from Rs 107.60 to Rs 107.30, they added.
The dollar opened at Rs 60.30 (buying) and Rs 60.40 (selling) in the morning session. It did not observe any further change in the evening session, and closed at Rs 60.30 (buying) and Rs 60.40 (selling).
Pound sterling opened at Rs 107 (buying) and Rs 107.40 (selling) in the first session. It did not show any further change by the end of second session, and closed at Rs 107 (buying) and Rs 107.25 (selling).