Continuing dollar buying in interbank market depressed the rates in the open market, they said, and added that the rupee might continue its present trend in the near future.
To keep the rupee-dollar parity rates at a certain level, the State Bank injected nearly 500 million dollars in the interbank market, currency analysts observed.
The local currency is likely to come under pressure as most of the payments are high due to global rise in oil prices, they said.
In the home ground, the country is facing a lot of challenges, analysts said, but added that on the other hand, the external negative factors were also adding problems in the way to economic recovery in the country.
To tackle the new challenges, the economic team of the country should take practical steps to overcome the uncertainties, they noted.
Due to the rising trend in the essential commodity prices, market players were expecting that inflation might cross the target of five percent in the current fiscal year.
Welcoming the new Prime Minister, Shaukat Aziz, they expressed hope that after the election of new prime minister, the country would observe further improvement in the basic fundamentals under the dynamic leadership of the Prime Minister. "We can expect more improvement in the coming days, as some economic indicators are signalling for good results."
The rupee, however, managed to gain five paisa against euro for buying and selling at Rs 71.20 and Rs 71.50, they said.
In the international markets, the dollar posted fresh gains versus leading currencies, dealers said.
INTERBANK RATES: The rupee did not show major change in relation to dollar in the interbank market for buying and selling at Rs 58.68 and Rs 58.71, dealers said.
================================
Kerb buying Rs 59.20
kerb selling Rs 59.25
================================
INTERBANK CLOSING RATES: Interbank closing rates for dollar on Monday.
==============================
Buying Rs 58.68
Selling Rs 58.71
==============================
=================================================================
Repo Rates (Yield p a)
-----------------------------------------------------------------
Tenor Low Bid High Bid Low Offer High Offer Average
=================================================================
Overnight 0.50 1.75 1.00 2.00 1.31
1-Week 1.50 2.00 2.25 2.50 2.06
2-Week 1.75 2.00 2.25 2.50 2.13
1-Month 1.50 1.75 2.20 2.40 1.96
2-Months 1.80 2.00 2.20 2.50 2.13
3-Months 1.90 2.10 2.30 2.50 2.20
4-Months 2.10 2.30 2.50 2.70 2.40
5-Months 2.40 2.60 2.70 2.90 2.65
6-Months 2.50 2.70 2.90 3.10 2.80
9-Months 2.80 3.00 3.20 3.40 3.10
1-Year 3.00 3.40 3.40 3.80 3.40
=================================================================
Call Rates (Yield p a)
-----------------------------------------------------------------
Tenor Low Bid High Bid Low Offer High Offer Average
=================================================================
Overnight 0.75 2.00 1.25 2.25 1.56
1-Week 1.75 2.25 2.50 2.75 2.31
2-Week 2.00 2.25 2.50 2.75 2.38
1-Month 1.75 2.00 2.25 2.50 2.13
2-Month 2.00 2.20 2.40 2.50 2.28
3-Month 2.10 2.30 2.50 2.70 2.40
4-Month 2.40 2.60 2.80 3.00 2.70
5-Month 2.60 2.80 3.00 3.20 2.90
6-Month 2.70 2.90 3.10 3.30 3.00
9-Month 3.00 3.25 3.50 3.75 3.38
1-Year 3.40 3.60 3.80 4.00 3.70
=================================================================
RUPEE IN LAHORE: The rupee opened the week on a negative note, as it depreciated its worth by three paisa on buying side at Rs 59.15 and eight paisa on selling side at Rs 59.25 in relation to the greenback in the local currency markets.
The dollar registered a marginal increase in its demand, which helped appreciation in its worth against the rupee. It resumed trading at Rs 59.12 and Rs 59.20 on buying and selling counters, respectively. Following expansion in the demand for dollars, its rate started moving up, and finally closed at Rs 59.15 and Rs 59.25 on buying and selling sides, respectively, the currency dealers said.
Versus the pound sterling, the rupee, however, maintained its previous week closing level on buying side at Rs 106.40, while improved its worth on selling side at Rs 106.70.. The British currency was purchased at Rs 106.40, and was sold at Rs 106.70 as compared to Saturday's closing levels of Rs 106.40, and Rs 106.90, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the currency exchange establishments of Islamabad and Rawalpindi here on Monday.
The dollar opened at Rs 59.10 (buying) and Rs 59.20 (selling) against the last rate. It did not observe any further change in the second session, and closed at Rs 59.10 (buying) and Rs 59.20 (selling).
The pound sterling opened at Rs 106.60 (buying) and Rs 106.80 (selling) against the overnight value. It did not observe any further change in the second session, and closed at Rs 106.60 (buying) and Rs 106.80 (selling).
The Canadian dollar opened at Rs 45 (buying) and Rs 45.10 (selling) against the previous rate. It did not observe any further change in the second session, and closed Rs 45 (buying) and Rs 45.10 (selling).