Importers' demand for dollar surged to meet the higher payment requirements, strengthened the dollar's value versus the rupee, currency analysts said.
The rupee-dollar parity rates may go up in the coming days If importers continued forward buying in anticipation of short supply of the US currency, they said.
In the international markets, the dollar jumped to a two-year high against the euro and hovered near a two-year peak versus the yen, buoyed by a widening yield advantage as the US currency's rally showed few signs of cooling.
OPEN MARKET RATES: Same trend mirrored in the open market as the rupee lost 10 paisa versus the dollar for buying and selling at 59.85 and 59.95 in process of extended demand by the corporate sector, dealers said.
The rupee might weaken further as a result of rising dollars' buying, they said.
The rupee, however, recovered 20 paisa more versus the eruo for buying and selling at 70.00 and Rs 70.10 as the single European currency failed to come out of recent weakness versus the greenback, they added.
In the early session, the euro touched the new low versus the rupee after crossing the mark of Rs 70 at Rs 69.70 and 69.80 due to sharp fall in its demand in the overseas markets, they observed.
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Kerb Buying Rs 59.85
Kerb Selling Rs 59.95
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Tuesday.
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Buying Rs 59.75
Selling Rs 59.77
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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 8.80 8.90 8.90 8.90 8.88
1-Week 8.70 8.80 8.85 8.90 8.81
2-Week 8.40 8.65 8.70 8.90 8.66
1-Month 8.40 8.50 8.55 8.65 8.53
2-Months 8.35 8.50 8.50 8.60 8.49
3-Months 8.35 8.50 8.50 8.65 8.50
4-Months 8.35 8.50 8.55 8.65 8.51
5-Months 8.40 8.50 8.55 8.70 8.54
6-Months 8.45 8.55 8.60 8.75 8.59
9-Months 8.50 8.60 8.65 8.80 8.64
1-Year 8.55 8.65 8.75 8.85 8.70
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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 9.00 9.50 9.50 10.00 9.50
1-Week 8.90 9.25 9.50 10.00 9.41
2-Week 8.75 9.25 9.50 9.75 9.31
1-Month 8.75 9.00 9.25 9.50 9.13
2-Months 8.60 9.25 9.25 9.75 9.21
3-Months 8.75 9.50 9.00 9.90 9.29
4-Months 8.75 9.50 9.00 10.00 9.31
5-Months 8.80 9.60 9.25 10.00 9.41
6-Months 8.75 9.75 9.15 10.00 9.41
9-Months 8.80 9.75 9.35 10.00 9.48
1-Year 9.10 10.00 9.70 10.20 9.75
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RUPEE IN LAHORE: The rupee maintained downward trend and further lost its worth by 12 paisa on buying side at Rs 59.92 and eight paisa on selling side at Rs 60.00 in relation to the greenback in the local currency markets on Tuesday.
According to the currency dealers, the dollar's trading commenced at Rs 59.85 and Rs 59.95 as its buying and selling rates, respectively. The demand for dollars remained intact, which pushed down the value of the rupee. At the end of trading, the dollar moved up and closed at Rs 59.92 and Rs 60.00 on buying and selling counters, respectively, as against Rs 59.80 and Rs 59.90 of Monday, the dealers added.
However, the rupee remained strong and further appreciated its value against the pound sterling. The British pound was purchased at Rs 103.70 and sold at Rs 104.20 as compared to Rs 104.20 and Rs 104.70 of Monday, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar in the open currency markets of Islamabad and Rawalpindi on Tuesday.
The dollar opened at Rs 59.80 (buying) and Rs 59.90 (selling) against the last rate of Rs 59.50 (buying) and Rs 59.70 (selling). It did not observe any further change in the second spell, and closed at Rs 59.80 (buying) and Rs 59.90 (selling).
Pound sterling opened at Rs 104.30 (buying) and Rs 104.70 (selling) against the last rate of Rs 105.30 (buying) and Rs 106 (selling). It did not observe any further change, and closed at Rs 104.30 (buying) and Rs 104.70 (selling).