Pak Rupee: All-round slide

Monday June 29, 2009

KARACHI: Downward trend was seen on the currency market during the week ended on June 27, 2009 on the brink of fiscal year 2008-09. On the interbank market, the rupee shed 10 paisa against dollar for buying at 81.45 and 20 paisa for selling at 81.50.

On the open market also the rupee followed the same pattern, losing 20 paisa for buying at 81.50 and 10 paisa for selling at 81.60. Versus the euro, also the rupee lost Re one for buying and selling at Rs 113.50 and Rs 114.00.

Inflows of dollars helped the rupee to resist sharp decline against the US currency and it is likely that the rupee may tackle the position when the greenback starts surging as a result of strong demand by importers. In the meantime, it looks that the rupee may touch the low at 82.00 in the short-run. According to the State Bank of Pakistan (SBP), the country's foreign exchange reserves rose by 130 million dollars to 11.77 billion dollars in the week that ended on June 20, compared with 11.64 billion dollars the previous week.

Inter bank Market Rates: On Monday, the rupee maintained its week-end levels against dollar for buying and selling at 81.35 and 81.40. On Tuesday, the rupee gained 3 paisa against dollar for buying at 81.32 and 5 paisa for selling at 81.35.

On Wednesday, the rupee lost 23 paisa in relation to dollar for buying at 81.55 and 25 paisa for selling at 81.60. On Thursday, the rupee recovered 13 paisa against dollar for buying at 81.42 and 14 paisa for selling at 81.46.

On Friday, the rupee gained 2 paisa for buying at 81.40 and one paisa for selling at 81.45.

On Saturday, the rupee shed 5 paisa versus dollar for buying and selling at 81.45 and 81.50.


Open Market Rates: On June 22, the rupee lost 20 paisa against dollar for buying at 81.30 and 35 paisa for selling at 81.50. The rupee, however, gained 20 paisa versus euro for buying at Rs 112.50 and 80 paisa for selling at Rs 113.00.

On June 23, the rupee shed 10 paisa against dollar for buying at 81.40 and 40 paisa for selling at 81.90. The rupee, however, maintained its firmness against euro, rising 90 paisa for buying at Rs 111.60 and 80 paisa for selling at Rs 112.10.

On June 24, the rupee gained 10 paisa versus dollar for buying at 81.30 and 30 paisa for selling at 81.60. The rupee followed the same pattern, soaring versus euro, rising Rs 1.65 for buying at Rs 113.25 and Rs 2.15 for selling at Rs 114.25.

On June 25, the rupee lost 10 paisa versus dollar for buying at 81.40 and selling at 81.70. The rupee gained 70 paisa against euro for buying at Rs 112.55 and for selling at Rs 113.55. On June 26, the rupee rose by 10 paisa against dollar for buying and selling t 81.30 and 81.60. The rupee, however, dropped 90 paisa versus euro for buying and selling at Rs 113.35 and Rs 114.35.

On June 27, the rupee shed 20 paisa gainst dollar for buying at 81.50 while it did not move to any side for selling at 81.60. The rupee, however, inched down by 15 paisa versus euro for buying at Rs 113.50 while it gained 35 paisa for selling at Rs 114.00.


(BRecorder)