The rupee ended calendar year 2007 on a negative note amid political instability in the country following the assassination of a former prime minister, Benazir Bhutto.
The local currency, only in one session, the last of the year, suffered nearly 110 paisa loss against dollar in the interbank market at Rs 61.95 and 62.00, analysts said.
In the open market also it followed the same print and lost about 50 paisa versus the US currency for buying and selling at 61.15 and 61.25. The rupee also lost heavily against euro, sliding Rs 10 during the year at Rs 89.65 and Rs 89.75 for buying and selling, they said.
Under prudent State Bank of Pakistan (SBP) policies and strategy the rupee was trading with firmness against the dollar, despite the usual hue and cry of exporters to devalue it to improve their exports, currency monitors observed.
However, the central bank kept the rupee unchanged versus the dollar, they said.
Commenting on the sharp fall in the rupee during the last one or two weeks of the year, many analysts said that the rupee was likely to recover its losses when the international markets would reopen after the New Year holidays.
They sai against dollar for buying and selling at 60.73 and 60.75. In February, the rupee showed slight gains at 60.69 and 60.71, analysts said. In March, the rupee lost versus dollar for buying and selling at 60.71 and 60.73, they said.
In April, it rose by six paisa in terms of the dollar, for buying and selling at Rs 60.65 and Rs 60.67, they said. In May, the rupee shed five paisa against dollar, for buying and selling at 60.70 and 60.72. In June, the rupee picked up nearly 19 paisa versus dollar for buying and selling at 60.53 and 60.54, dealers said. During July, the rupee gained nearly 12 paisa in relation to dollar for buying and selling at 60.40 and 60.42, they said.
In the month of August, the rupee lost 35 paisa against dollar for buying and selling at 60.75 and 60.77 amid rising demand for the US currency, they said. During the month of September, the rupee shed nine paisa against the dollar for buying and selling at 60.70 and 60.72, they said.
In October, the rupee fluctuated marginally against the dollar for buying and selling at 60.69 and 60.70, they said. During November, the rupee touched three-year low at 61.12 and 61.14 after imposition of emergency in the country, they said.
In December, the rupee was travelling safely but at the end of the month, it tumbled with sharp losses at 61.92 and 62.00 after hitting a six-year low, they said. Locally, the rupee hit the six-year low and share market also tumbled after the killing of Benazir Bhutto, they said.
OPEN MARKET RATES: In the first month of the year 2007, the rupee lost 20 paisa against the dollar for buying and selling at 60.85 and 60.95. The rupee, however, gained 49 paisa versus the euro for buying and selling at Rs 78.39 and 78.49, dealers said.
In the second month, the rupee gained 17 paisa against the US currency for buying and selling at 60.68 and 60.78, they said. Versus the euro, the rupee traded at Rs 78.55 and Rs 78.65, they said. During the third month, the rupee shed two paisa against the dollar for buying and selling at 60.65 and 60.75, they said. The rupee lost steeply against the euro, losing 89 paisa for buying and selling at Rs 80.56 and 80.66, they said.
During the fourth month, the rupee did not show sharp fluctuation against the dollar for buying and selling at 60.65 and 60.75. The rupee fell sharply against the euro, losing Rs 1.60 for buying and selling at Rs 82.54 and Rs 82.64, they said.
In the fifth month, the rupee lost 30 paisa against the dollar for buying and selling at 60.95 and 61.05, they said. Against the euro, the rupee gained sharply for buying and selling at Rs 81.76 and Rs 81.86, they said.
During the sixth month, the rupee managed to hold its current levels against the dollar for buying and selling at 60.90 and 61.00, they said. The rupee also improved slightly against the euro for buying and selling at Rs 81.37 and Rs 81.47, they said.
In the seventh month, the rupee shed 10 paisa against the dollar for buying and selling at 61.00 and 61.05, they said. Versus the euro, the rupee lost 82 paisa for buying and selling at Rs 82.75 and Rs 82.85, they said.
During the eighth month, the rupee fluctuated marginally against the dollar for buying and selling at 60.92 and 60.98, they said. It gained sharply against the euro for buying and selling at Rs 82.90 and Rs 83.00, they said.
In the ninth month, the rupee picked up 35 paisa against the dollar for buying and selling at 60.65 and 60.70, they said. Versus the single European currency, the rupee lost nearly rupees four for buying and selling at Rs 86.06 and Rs 86.16, they said.
During the tenth month, the rupee shed five paisa against the dollar for buying and selling at 60.70 and 60.75, they said. Against the euro, the rupee lost Rs 1.05 for buying and selling at Rs 87.05 and Rs 87.15, they said.
In the eleventh month of the year, the rupee lost 40 paisa against the greenback for buying and selling at 61.25 and 61.35. Versus the euro, the rupee fell sharply at Rs 90.85 and 90.95 as the dollar continued its weakness against the major currencies in the world markets, they said.
During the final session, the rupee fluctuated slightly against the dollar for buying and selling at 61.15 and 61.25 and the local currency was trading at Rs 89.65 and Rs 89.75 versus the euro, they said.