The rupee failed to extend it's year-end rally in the interbank market on Tuesday following the rising demand for dollar by the local banks, showing a decline of eight paisa in the interbank market for buying and selling at 59.81 and 59.83, currency analysts said.
A significant rise was seen in dollars' buying as most of the international markets resume their business after observing Christmas and New Year holidays, money experts said.
In Asia some trading centres kept their shelter down due to long holidays on account of New Year celebrations, dealers said.
The National Bank, Muslim Commercial Bank and some other banks bought nearly 50 million dollars to meet the importers demand as almost all overseas markets resumed their routine businesses, they said.
In the international markets, the dollar drifted lower against most of the currencies following the news that the Federal Reserve tightened its monetary policy, which means a weak run for the dollar during the current year, moneychangers said.
Rush for dollar was expected as all the world markets reopened after the New Year holidays, they said. Anyhow, the rupee is to recover its losses in the coming days as the central bank is keeping watch over the currency business in forex, they said.
Market players hope that under the practical and corrective measures of the newly appointed governor of the State Bank of Pakistan (SBP) Dr Shamshad Akhter, the country's economy will improve significantly.
It is for the first time in the country's history that a lady was appointed the governor of the central bank, money experts said.

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Kerb Buying             Rs 59.80
Kerb Selling            Rs 59.90
================================

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Buying                Rs 59.81
Selling               Rs 59.83
==============================
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Repo Rates (Yield p a)
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Tenor      Low Bid   High Bid   Low Offer   High Offer    Average
=================================================================
Overnight   3.50       8.75       5.50        8.90           6.66
1-Week      6.00       7.50       7.50        7.75           7.19
2-Week      6.50       7.50       7.50        8.00           7.38
1-Month     7.60       7.80       7.90        8.10           7.85
2-Months    7.75       8.00       8.05        8.15           7.99
3-Months    7.90       8.10       8.10        8.25           8.09
4-Months    8.00       8.20       8.15        8.30           8.16
5-Months    8.10       8.20       8.20        8.30           8.20
6-Months    8.20       8.20       8.35        8.40           8.29
9-Months    8.40       8.50       8.60        8.65           8.54
1-Year      8.50       8.55       8.65        8.75           8.61
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Call Rates (Yield p a)
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Tenor      Low Bid   High Bid   Low Offer   High Offer    Average
=================================================================
Overnight   6.00       9.25       8.00       10.00           8.31
1-Week      7.75       9.00       8.00        9.50           8.56
2-Week      8.00       9.00       8.25        9.25           8.63
1-Month     8.00       9.00       8.75        9.50           8.81
2-Months    8.10       8.50       8.50        9.25           8.59
3-Months    8.50       9.00       9.00        9.75           9.06
4-Months    8.50       9.00       9.25        9.50           9.06
5-Months    8.90       9.25       9.25        9.50           9.23
6-Months    9.00       9.25       9.25        9.50           9.25
9-Months    9.00       9.50       9.50       10.00           9.50
1-Year      9.25      10.00       9.75       10.25           9.81
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