The rupee managed to gain further ground and may hit high at 95 versus the dollar on the money market on Monday, dealers said. The rupee rose by 37 paisa in terms of dollar for buying at Rs 96.18 and it also picked up 40 paisa for selling at Rs 96.20, dealers said.
INTERBANK MARKET RATES: OPEN MARKET RATES: Similarly, the rupee followed the same pattern gaining 20 paisa in relation to the dollar for buying at 98.00 and it also rose by 15 paisa for selling at Rs 98.25, while it recovered Rs 1.25 against the euro for buying and selling at Rs 134.25 and Rs 134.75, respectively.
In the first Asian trade, the euro got off to a shaky start after the European Central Bank fired another warning shot at bullish investors and arrested the single currency’s week-long surge, saying it will be forced to ease monetary policy further if the euro keeps going up.
In the clearest signal yet that he was unhappy with the direction of the currency, ECB President Mario Draghi on Saturday told a news conference that “a further strengthening of the exchange rate would require further stimulus.” The dollar was trading against the Indian rupee at Rs 60.18, the US currency was at 3.2465 versus the Malaysian ringgit and the greenback was available at 6.211 in terms of the Chinese yuan.
Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday.
RUPEE IN LAHORE: The Pak rupee maintained upward trend in relation to foreign currencies on the open currency markets of Lahore on Monday.
The dollar resumed trading at Rs 99.00 for buying and Rs 99.30 for selling against Rs 98.40 and Rs 98.70 of Saturday. Due to sufficient supply, the dollar moved down and closed at Rs 98.20 and Rs 98.70 on buying and selling counters, respectively.
The British pound recovered its earlier loss against the Pak rupee. Pound Sterling was purchased and sold at Rs 163.50 and Rs 163.75 as against Rs 163.00 and Rs 163.25 on Saturday.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi here on Monday.
The dollar opened at Rs 98.50 (buying) and Rs 98.60 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 98.50 (buying) and Rs 98.60 (selling).
Sterling opened at Rs 165 (buying) and Rs 165.50 (selling) against same last rate. It closed at the same rate without further change by the end of evening session.