THE RUPEE: dollar recovers

The rupee gave up gains modestly against the dollar on the money market on Thursday, dealers said. The dollar after dipping versus the rupee managed to gain and it is interesting to note that how the rupee would move in the short run, money experts said.

INTERBANK MARKET RATES: The rupee could not maintain surge versus the dollar, falling 60 paisa for buying and selling at Rs 98.60 and Rs 98.70, they said.

OPEN MARKET RATES: Similarly, the rupee adopted the suit losing 90 paisa against the dollar for buying at Rs 99.20 and it also lost Rs 1.20 for selling at Rs 99.70, they said. The rupee followed the same trend versus the euro, dropping sharply by Rs 3.75 for buying and selling at Rs 138.75 and Rs 139.00, they said.

In the fourth Asian trade, safe-haven currencies the yen and Swiss franc were in favour, consolidating their overnight gains as worries about the health of the Chinese economy and the ongoing crisis in Ukraine took a toll on risk appetite.

The New Zealand and Australian dollars surged, with the kiwi boosted after the Reserve Bank of New Zealand hiked rates and signalled more tightening ahead while stronger-than-expected employment numbers hurled the Aussie higher. The dollar was trading against the Indian rupee at Rs 60.98, the greenback was at 3.2800 in terms of the Malaysian ringgit and the US currency was at 6.139 versus the Chinese yuan.

Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday.

RUPEE IN LAHORE: The Pak rupee failed to maintain rising trend as it lost ground against both the major currencies ie, US dollar and British pound on the local currency market on Thursday.

According to the currency dealers, the dollar was opened on a healthy note and kept on rising throughout the day following buyers’ interest. The dollar’s buying rate was ended higher at Rs 100.00 against Rs 98.50 of Wednesday. The moneychangers, who preferred only buying greenback, declined to accommodate buyers, saying that they did not have stock, thus the selling rate was not available.

Likewise, the rupee remained under pressure and was depreciated against the pound sterling. The pound’s buying rate jumped up from the overnight closing of Rs 163.00 to Rs 167.00 on buying counter, but pound’s selling rate was not available in the market.

According to the market sources, the moneychangers in anticipation of recovery of greenback and pound sterling started maintaining substantial stock to exploit the situation.

RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged on the open currency markets of Islamabad and Rawalpindi here on Thursday.

The dollar opened at Rs 98 for buying and Rs 98.10 for selling against last rate. It did not observe further change in the second session and closed at Rs 98 for buying and Rs 98.10 for selling.

Pound Sterling opened at Rs 165 for buying and Rs 165.50 for selling against same last rate. It closed at the same rate without further change by the end of evening session.

Source: Business Recorder