Resultingly, it came under pressure versus rupee in the kerb market on Thursday, shedding 60 paisa more for buying and selling at Rs 72.10 and Rs 72.30.
The single European currency failed to maintain its supremacy in the world markets, too, as it fell sharply due to lack of buying interest, dealers said.
Overseas market players were on the sidelines in anticipation of the ECB comment on recent surge of the euro versus the major currencies.
All world currency markets are keeping a keen watch over the next move by the ECB, experts said.
The rupee maintained its prevailing levels in relation to the dollar for buying and selling at Rs 57.45 and Rs 57.55 as market players noted that there was no let up in banks' dollar buying for heavy payments.
According to market sources, the rupee might not come out of vulnerability as the government has decided to retire one billion dollars Asian Development Bank (ADB) debt in early February 2004.
So, currency analysts were of the opinion that despite smooth supply of dollars, the rupee might not come out of weak spell in the near future.
INTERBANK RATES: The rupee held its overnight levels versus the dollar for buying and selling at Rs 57.43 and Rs 57.44, respectively.
According to market sources, the rupee did not show any improvement in its overnight levels amid persistent demand for dollar.
They said that the banks' demand for Hubco's payment of nearly 50 million dollar, kept the dollar demand unchanged in the inter-bank market.
================================
Kerb Buying Rs 57.45
Kerb Selling Rs 57.55
================================
INTERBANK CLOSING RATES: Interbank closing rates for dollar on Thursday.
==============================
Buying Rs 57.43
Selling Rs 57.44
==============================
=================================================================
Repo Rates (Yield p a)
-----------------------------------------------------------------
Tenor Low Bid High Bid Low Offer High Offer Average
=================================================================
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 0.40 0.60 0.80 1.00 0.70
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 1.20 1.40 1.60 1.80 1.50
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
=================================================================
Call Rates (Yield p a)
-----------------------------------------------------------------
Tenor Low Bid High Bid Low Offer High Offer Average
=================================================================
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 0.50 0.70 0.90 1.10 0.80
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 1.30 1.50 1.70 1.90 1.60
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
=================================================================
RUPEE IN LAHORE: The rupee maintained downward trend and further shed its value by two paisa in relation to the greenback in the local currency markets on Thursday.
The dollar resumed trading at overnight closing levels of Rs 57.55 and Rs 57.63 as its buying and selling rates, respectively.
The buying and selling of the dollar continued throughout the day, which restricted its rates around the opening levels.
However, the dollar closed slightly higher at Rs 57.57 and Rs 57.65 on buying and selling counters, respectively, the dealers said.
On the contrary, the rupee showed marginal recovery, as it recorded slight improvement in its worth against the pound sterling, which was traded at Rs 103.95 and Rs 104.20 on buying and selling counters, respectively, as compared to Wednesday's closing levels of Rs 104.00 and Rs 104.30, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar on the open currency markets of Islamabad and Rawalpindi here on Thursday.
The dollar opened at the buying and selling rates of Rs 57.40 and Rs 57.50 against the same previous rate. It did not observe 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 103.80 and Rs 103.90 against the last rate of Rs 104 and Rs 104.10, respectively. It did not observe any further change in the evening session, and its buying and selling rates closed at Rs 103.80 and Rs 103.90, respectively.