The rupee managed to hold its commanding position against the dollar on the local money market on Thursday, dealers said. In the wake of positive developments in the country and an easy availability of the dollar helped the rupee to look forward, expanding more ground, touching Rs 96.90 versus the dollar, Chairman of the Forex Association of Pakistan (FAP), Malik Bostan said.
Other experts said that now many expected that the rupee might recover more ground and likely to hit high at Rs 95 versus the dollar in days to come.
INTERBANK MARKET RATES: The rupee posted fresh gain of 58-paisa in terms of dollar for buying at Rs 97.20 and it appreciated by 50-paisa for selling at Rs 137.30, dealers said.
OPEN MARKET RATES: The rupee rose by 50-paisa against the dollar for buying at Rs 99.30 and 45-paisa for selling at Rs 99.50. It also picked up one rupee against the euro for buying at Rs 136.00 and it also rose by 75-paisa for selling at Rs 136.50.
In the fourth Asian trade, the dollar hit a three-week low versus a basket of major currencies on Thursday after minutes from the Federal Reserve’s March meeting disappointed dollar bulls, while the Aussie dollar surged on data showing solid Australian jobs growth.
Minutes of the Fed’s March 19 meeting released on Wednesday showed Fed officials had worried the bank’s forecasts on interest rates might appear to investors as mapping out a more aggressive cycle of rate hikes. The dollar was trading against the Indian rupee at Rs 60.27, the US currency was at 3.2325 in terms of the Malaysian ringgit and the greenback was available at 6.2059 in relation of the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Wednesday: 77.67-77.67 (77.67-77.67) Call Money Rates: 07.15-08.25 percent (previous 05.25-08.50 percent).
Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday.
RUPEE IN LAHORE: The national currency showed strength, as it was further improved against the major currencies like US dollar and British pound on the local currency market on Thursday.
According to the currency dealers, because of selling pressure, the dollar maintained downward move for another day till close of trading. The dollar was ended further lower at Rs 99.80 and Rs 100.05 as it’s buying and selling rates against the overnight closing of Rs 100.00 and Rs 100.50, respectively.
The rupee also maintained rising trend and was further appreciated against the pound sterling. The pound was purchased and sold at Rs 166.00 and Rs 166.25 compared with Wednesday closing of Rs 166.10 and Rs 167.00, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee showed an improvement of Re 1 against the dollar on the open currency markets of Islamabad and Rawalpindi here on Thursday.
The dollar opened at Rs 98.50 for buying and Rs.98.60 for selling against last rate of Rs.99.50 for buying and Rs 99.60 for selling. It did not observe further change in the second session and closed at Rs 98.50 for buying and Rs.98.60 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.