The dollar managed to gain modestly against the rupee on the currency market on Wednesday in the process of trading, dealers said. Some experts said the rupee may not fluctuate sharply against the dollar in the near future, adding if supply of dollars matched with the demand, the domestic currency to resist erosion in its value.
INTERBANK MARKET RATES: The rupee extended its slide against the dollar, losing 40-paisa for buying and selling at Rs 96.60 and Rs 96.65, dealers said.
OPEN MARKET RATES: Incidentally, the rupee followed the same trend, shedding 10-paisa in relation to the dollar for buying and selling at 97.60 and Rs 97.85, and it also lost Rs 1.50 against the euro for buying and selling at Rs 1334.75 and Rs 135.25 respectively.
In the second Asian trade, the dollar inched higher versus a basket of major currencies staying on firm footing after US retail sales data the previous day signalled a brighter outlook for the US economy. US retail sales recorded their largest gain in 1-1/2 years in March, the latest data to suggest growth was set to spring back in the second quarter after an unusually harsh winter. The dollar index edged up by 0.1 percent to 79.791, holding above Monday’s intraday low of 79.562.
The dollar was trading against the Indian rupee at Rs 60.30, the greenback was at 3.2470 in terms of the Malaysian ringgit and the US currency was available at 6.221 against the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Tuesday: 77.67-77.6725 (77.67-77.67). Call Money Rates: 06.75-08.25 percent (previous 05.00-08.50 percent).
Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
RUPEE IN LAHORE: The Pak rupee-dollar parity remained unchanged amid low trading activity on the local currency market on Wednesday.
According to the currency dealers, the dollar resumed trading at its overnight closing of Rs 97.50 and Rs 97.75 as its buying and selling rates, respectively. The dollar witnessed no change in its demand and supply situation that helped rupee stability throughout the day.
However, the rupee failed to maintained upward slide and was declined against the British pound. The pound’s buying and selling rates were improved from Tuesday closing of Rs 161.60 and Rs 161.85 to Rs 162.00 and Rs 162.25, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar on the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar opened at Rs 98.50 for buying and Rs 98.60 for selling against same last rate. 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.