Rush for dollars' buying continued in the interbank market as the rupee failed to come out of its weakness versus the dollar, they said.
Even speculations about the State Bank's intervention did not provide any rescue to the local currency during the trading hours, they noted. If the SBP intervenes the rupee might not touch the new low, they said.
It seemed that the central bank would sell dollars to ease pressure on the rupee, market pundits said.
Commenting on the recent steep rise in oil prices, they said that there was no unusual demand for oil. In fact, it is driven by the rising speculation about the shortage of oil and possible attack on the US.
On Monday, the oil prices came down following technical correction to 39.78 dollars per barrel from the high of 43.80 dollars per barrel, dealers said.
One after the other, payments jolted the rupee value in the interbank market, they said. Exporters were not coming out to sell their proceeds in anticipation of further devaluation of the local currency, thus adding to the rupee's grievance.
According to the market sources, the rupee has come down sharply due to trade deficit and sharp fall in remittances.
In the world markets, the dollar, however, failed to match with the local direction, losing mostly versus the leading currencies, market-men said.
OPEN MARKET RATES: In spite of falling trend in the interbank market, the rupee recovered 10 paisa for buying and selling at Rs 58.60 and Rs 58.65, respectively.
It, however, shed 10 paisa versus the euro for buying and selling at Rs 70.70 and Rs 71.00 on gaining its value in the international markets, dealers said.
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Kerb buying Rs 58.60
Kerb selling Rs 58.65
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Monday.
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Buying Rs 58.53
Selling Rs 58.55
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Repo Rates (Yield p a)
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Tenor Low Bid High Bid Low Offer High Offer Average
=================================================================
Overnight 1.00 2.50 1.50 3.00 2.00
1-Week 1.50 1.75 2.00 2.25 1.88
2-Week 1.75 2.00 2.25 2.50 2.13
1-Month 1.80 2.00 2.20 2.40 2.10
2-Months 2.00 2.20 2.40 2.60 2.30
3-Months 2.20 2.40 2.60 2.80 2.50
4-Months 2.40 2.60 2.80 3.00 2.70
5-Months 2.60 2.80 3.00 3.20 2.90
6-Months 2.80 3.00 3.20 3.40 3.10
9-Months 3.20 3.40 3.60 3.80 3.50
1-Year 3.40 3.60 3.80 4.00 3.70
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Call Rates (Yield p a)
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Tenor Low Bid High Bid Low Offer High Offer Average
=================================================================
Overnight 1.25 2.75 1.75 3.25 2.25
1-Week 1.75 2.00 2.25 2.50 2.13
2-Week 2.00 2.25 2.50 2.75 2.38
1-Month 2.00 2.20 2.40 2.60 2.30
2-Month 2.20 2.40 2.60 2.80 2.50
3-Month 2.40 2.60 2.80 3.00 2.70
4-Month 2.60 2.80 3.00 3.20 2.90
5-Month 2.80 3.00 3.20 3.40 3.10
6-Month 3.00 3.20 3.40 3.60 3.30
9-Month 3.40 3.60 3.80 4.00 3.70
1-Year 3.60 3.80 4.00 4.20 3.90
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RUPEE IN
LAHORE:
The rupee showed stability and remained unchanged at the previous week's closing level in the local currency market on Monday.There was no change in dollar's demand and supply situation due to lacking buying interest on part of investors. It opened on Saturday's closing rates of Rs 58.65 and Rs 58.75 on buying and selling counters, respectively, and finally ended at the day's opening rate amid low-trading activity, the currency dealers said.
Likewise, the rupee depicted firmness versus the pound sterling and closed at the previous week's closing level of Rs 106.80 and Rs 107.30 on buying and selling sides, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee was down by 10 paisa against the dollar on the open currency markets of Islamabad and Rawalpindi on Monday.
The dollar opened at Rs 50.50 (buying) and Rs 58.60 (selling) against the last rate of Rs 58.60 (buying) and Rs 58.70 (selling). It did not observe any further change in the second session, and closed at Rs 50.50 (buying) and Rs 58.60 (selling).
The pound sterling opened at Rs 107.30 (buying) and Rs 107.50 (selling) against the last rate of Rs 108 (buying) and Rs 108.20 (selling). It did not observe any further change in the second session, and closed at Rs 107.30 (buying) and Rs 107.50 (selling).
The Canadian dollar opened at Rs 42.80 (buying) and Rs 42.90 (selling) against the last rate of Rs 43.50 (buying) and Rs 43.70 (selling). It did not observe any further change in the second session, and closed at Rs 42.80 (buying) and Rs 42.90 (selling).