Weak sentiment was seen in the interbank market on Monday as the rupee failed to maintain its weekend's firmness, losing six paisa for buying and selling at 60.88 and 60.89, respectively. The rupee met with modest fall on rush buying of dollars by the importers, dealers said.
According to some dealers, it appeared that the rupee may come under pressure due to extended demand by the importers it might cross a resisting mark of 61.00. Commenting on the downward revision in the Pak rupee's value, some money experts at the Forex Association of Pakistan (FAP) said that better quality of products help in increasing the country's exports but it's also a fact that a cheap currency of any country helps in boosting the exports.
In the beginning session of the week, the yen hit a record low against the euro and fell versus the dollar, after a weekend meeting of Group of 20 finance chiefs yielded few comments on the Japanese currency's recent weakness or on carry trades.
Besides, the euro was also supported after European Central Bank President Jean-Claude Trichet said the ECB has to be strongly vigilant on inflation risks.
"(Trichet) seems to be generally massaging up market expectations of just how far the ECB would move to suggest they are going to carry on (hiking rates) in to 2007," said Martin McMahon, FX strategist at Credit Suisse in Zurich.
In the open market, against the interbank trend, the rupee gained six paisa in relation to the dollar for buying at 60.82 and picked up four paisa for selling at 60.90, dealers said. The rupee continued its weekend sliding trend versus the euro, falling 13 paisa for buying and selling at Rs 77.88 and Rs 77.98, respectively.

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Buying                  Rs 60.82
Selling                 Rs 60.90
================================

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Buying                Rs 60.88
Selling               Rs 60.89
==============================
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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   8.75       9.40       9.00        9.40           9.14
1-Week      8.75       8.90       8.85        9.00           8.88
2-Weeks     8.60       8.75       8.75        8.90           8.75
1-Month     8.60       8.85       8.80        9.00           8.81
2-Months    8.65       8.90       8.70        9.10           8.84
3-Months    8.65       8.90       8.70        9.15           8.85
4-Months    8.70       8.90       8.80        9.15           8.89
5-Months    8.75       8.90       8.85        9.15           8.91
6-Months    8.75       9.00       8.80        9.20           8.94
9-Months    8.85       9.10       9.00        9.25           9.05
1-Year      8.90       9.10       9.10        9.35           9.11
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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   9.25      10.00       9.50       10.25           9.75
1-Week      9.25      10.00       9.75       10.25           9.81
2-Weeks     9.50      10.25      10.00       10.50          10.06
1-Month     9.75      10.50      10.00       10.75          10.25
2-Months    9.75      10.50      10.25       10.75          10.31
3-Months   10.00      10.50      10.25       10.75          10.38
4-Months   10.00      10.50      10.25       11.00          10.44
5-Months   10.25      10.75      10.50       11.00          10.63
6-Months   10.25      11.00      10.50       11.25          10.75
9-Months   10.25      11.00      10.50       11.25          10.75
1-Year     10.50      11.25      11.00       11.50          11.06
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