KARACHI: As a result of strong demand for dollars on the interbank market on Wednesday, the rupee fell sharply against the US currency and may breach the barrier of 82 in the near future, money experts said. On the interbank market the rupee lost 23 paisa in relation to dollar for buying at 81.55 and 25 paisa for selling at 81.60, dealers said.
To clear the oil payments, the importers' thrust increased for dollar, buying in a big way in last days of the final closing session of the out-going fiscal year, analysts said. The payments for oil are so high and all at a time when the prices were touching the high mark of 147 dollars per barrel, they remembered. As a result of increased rush for dollars, it is most likely that the greenback may hit the high mark at 82 in the coming days, they added. In these days the importers are buying above 50-70 million dollars per day to meet their payment requirements, they said. On the third day of Asian trade dollar sat on steep losses, after tumbling sharply against euro and other majors, as the market got set for the Federal Reserve to dampen expectations for higher interest rates.
Policy makers at the Fed began their two-day meeting on Tuesday and many expect they will want to play down expectations of higher interest rates that have built in the market, for fear these will choke an economic recovery.
Open Market Rates: Against the direction on the interbank market, the rupee gained versus dollar, rising 10 paisa for buying at 81.30 and 30 paisa for selling at 81.60, they said. 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, they said.
Open Buying Rs 81.30
Open Selling Rs 81.60
Interbank Closing Rates: Interbank Closing Rates For Dollar On Wednesday.
Buying Rs 81.55
Selling Rs 81.60
(BRecorder)
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