Second intervention in a month, helped the rupee to come out of the weak position, minimising its losses against dollar in the interbank market on Tuesday as the period of two weeks of imposition of emergency has completed, money experts said.
Political uncertainty propelled the long and short-term investors to buy dollars, instead of investing inn the stock market, they said In the absence of any sign of lifting of emergency in the country, "we have failed to set our mind in the business, which way is the right direction for our business", said some businessmen of textile sector.
Outflows are high, on the other hand the inflows are shrinking since the emergency has been imposed, some dealers said. The rupee gained 12 paisa for buying at Rs 61.05 and it rose by 15 paisa at Rs 61.10, they added.
Political stability is necessary for the peace of mind for any one, especially the foreigners and it seems very difficult before the normalcy is restored. It is s little bit confusing for them that business confidence is not improving despite the announcement of election, some bankers said.
During the second session, dollar rebounded against in the Asian market, players bought back the currency on speculation that the Federal Reserve will issue bullish economic forecasts later in the session. The reverse came as the Nikkei share average climbed back into positive territory after dropping to a 16-month low in the morning.
OPEN MARKET RATES: Stable trend was seen in the open market as the rupee did not fluctuate sharply against dollar and euro, dealers said. The rupee shed five paisa at Rs 61.40 against dollar for buying. It retained its overnight level for selling at Rs 61.45, they said.
The rupee also maintained its overnight level against the euro for buying and selling at Rs 89.50 and Rs 89.60, they added. It seems that the rupee may touch the new low at Rs 90 in the coming days, they said.
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Open Buying Rs 61.40
Open Selling Rs 61.45
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Tuesday.
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Buying Rs 61.05
Selling Rs 61.10
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Overnight 9.90 9.90 9.90 9.95 9.91
1-Week 9.70 9.75 9.80 9.85 9.78
2-Weeks 9.45 9.60 9.55 9.65 9.56
1-Month 9.30 9.45 9.40 9.50 9.41
2-Months 9.30 9.45 9.35 9.45 9.39
3-Months 9.30 9.45 9.35 9.50 9.40
4-Months 9.30 9.45 9.35 9.50 9.40
5-Months 9.30 9.45 9.35 9.50 9.40
6-Months 9.30 9.50 9.40 9.55 9.44
9-Months 9.35 9.45 9.40 9.55 9.44
1-Year 9.35 9.50 9.40 9.55 9.45
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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 9.90 10.00 10.00 10.10 10.00
1-Week 9.70 9.90 9.80 10.00 9.85
2-Weeks 9.60 9.75 9.75 9.90 9.75
1-Month 9.40 9.70 9.50 9.80 9.60
2-Months 9.45 9.70 9.55 9.80 9.63
3-Months 9.45 9.75 9.50 9.80 9.63
4-Months 9.50 9.75 9.60 9.80 9.66
5-Months 9.50 9.90 9.65 9.90 9.74
6-Months 9.60 10.00 9.75 10.10 9.86
9-Months 9.75 10.10 10.00 10.25 10.03
1-Year 9.90 10.25 10.10 10.40 10.16
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RUPEE IN LAHORE: The rupee failed to maintain overnight closing level and lost its worth by 10-paisa against the greenback in the open currency market on Tuesday.
The dollar resumed trading at Rs 61.40 and Rs 61.50 on buying and selling sides, respectively, as against Monday's closing rates of Rs 61.35 and Rs 61.45. As a result of buying support, the dollar moved up and closed higher at Rs 61.45 and Rs 61.55 on buying and selling counters while some of the dealers quoted Rs 61.60 as the dollar's selling rate.
Similarly, the local currency failed to maintain rising trend and slipped against the pound sterling. The British pound was purchased at Rs 126.20 and was sold at Rs 126.50 as against Rs 125.50 and Rs 125.80 of Monday, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi on Tuesday.
The dollar resumed trading at Rs 60.85 (buying) and Rs 61 (selling) against same overnight value. It did not observe any change in the evening spell and closed at Rs 60.85 (buying) and Rs 61 (selling).
Pound Sterling opened at Rs 127.20 (buying) and Rs 127.40 (selling) against same overnight value. It did not observe any change in the second session and closed at Rs 127.20 (buying) and Rs 127.40 (selling).
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