The dollar recovered some ground versus major currencies on bargain hunting in world markets, dealers said. The euro fell to 1.27 dollar from its high at 1.2813 dollar.
However, some overseas observers said that dollar's gain could be short-lived and the dollar could continue its decline in the long run.
The euro may recover its lost ground versus the greenback because the market is only going through a temporary adjustment phase, they added.
Commenting on rupee's vulnerability, analysts said that heavy payments by the government of Pakistan in January, 2004, and slight fall in remittances, probably, were the leading reasons for rupee's decline in relation to dollar.
However, the rupee maintained its overnight levels in kerb market versus the dollar for buying and selling at Rs 57.47 and Rs 57.52.
INTERBANK RATES: Trading activity was range-bound in the interbank market as the rupee stood firmly versus the dollar for buying and selling at Rs 57.42 and 57.44.
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Kerb Buying Rs 57.47
Kerb Selling Rs 57.52
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Wednesday.
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Buying Rs 57.42
Selling Rs 57.44
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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 0.10 0.30 0.20 0.75 0.34
1-Week 0.20 0.40 0.60 0.80 0.50
2-Week 0.30 0.50 0.70 0.90 0.60
1-Month 1.00 1.20 1.40 1.60 1.30
2-Month 1.10 1.30 1.50 1.70 1.40
3-Month 1.10 1.30 1.50 1.70 1.40
4-Month 1.20 1.40 1.60 1.80 1.50
5-Month 1.30 1.50 1.70 1.90 1.60
6-Month 1.40 1.60 1.80 2.00 1.70
9-Month 1.70 1.90 2.10 2.30 2.00
1-Year 1.90 2.00 2.20 2.40 2.13
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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 0.20 0.40 0.25 0.80 0.41
1-Week 0.30 0.50 0.70 0.90 0.60
2-Week 0.40 0.60 0.80 1.00 0.70
1-Month 1.10 1.30 1.50 1.70 1.40
2-Month 1.20 1.40 1.60 1.80 1.50
3-Month 1.20 1.40 1.60 1.80 1.50
4-Month 1.30 1.50 1.70 1.90 1.60
5-Month 1.40 1.60 1.80 2.00 1.70
6-Month 1.50 1.70 1.90 2.10 1.80
9-Month 1.80 2.00 2.20 2.40 2.10
1-Year 2.00 2.10 2.30 2.50 2.23
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RUPEE IN LAHORE: The rupee remained under pressure for the third consecutive day, and further lost its value by 12 paisa on buying side at Rs 57.55 and 13 paisa on selling side at Rs 57.63, in relation to the greenback in the local currency markets on Wednesday.
The dollar commenced trading at Rs 57.50 and Rs 57.60 as its buying and selling rates, respectively.
The buying spree continued throughout the day, which strengthened the greenback's position.
In the end, the dollar closed at Rs 57.55 and Rs 57.63 on buying and selling counters, respectively, as compared to Rs 57.43 and Rs 57.50 of Tuesday.
Similarly, the rupee maintained downward slide, and registered more decline in its worth against the pound sterling.
The pound's buying rate increased from Tuesday's Rs 103.65 to Rs 104.00 while selling rate changed from Rs 103.95 to Rs 104.30, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The buying and selling rates of the dollar against the rupee remains unchanged at the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar opened at the buying and selling rates of Rs 57.40 and Rs 57.50 against the same overnight value.
It did not witness any further change in the evening session, and its buying and selling rates closed at Rs 57.40 and Rs 57.50, respectively.
The pound sterling opened at the buying and selling rates of Rs 104 and Rs 104.10 against last rate of Rs 103 and Rs 103.20. It did not observe any further change in the last trading hours and its buying and selling rates closed at Rs 104 and Rs 104.10 respectively.