THE RUPEE: bears persist

The rupee extended overnight losses in relation to the dollar on the money market on Monday, dealers said. The rupee gave up overnight gains in terms of the dollar, losing 13-paisa for buying and selling at Rs 98.67 and Rs 98.69 respectively.
INTERBANK MARKET RATES: OPEN MARKET RATES: In sympathy with the open market trend, the rupee returned back in familiar territory against the dollar due to pressure of the greenback, shedding five-paisa versus the dollar for buying and selling at Rs 99.25 and Rs 99.45 respectively, dealers said. While, it sustained its week-end levels in terms of the euro for buying and selling at Rs 136.00 and Rs 136.25, they said.

In the first Asian trade, the euro edged up slightly versus the dollar after two punishing weeks as investors waited for fresh data, with its upside pressured by growing expectations of easier policy in the euro zone.

The euro added about 0.1 percent to $1.3702, nursing losses of over 1 percent suffered in the past two weeks and moving away from a nadir of $1.3648 touched on Thursday. The dollar was trading against the Indian rupee at Rs 58.46, the greenback was at 3.2105 in terms of the Malaysian ringgit and the US currency at 6.2374 versus the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Monday: 77.63-77.64 (77.64-77.64). Call Money Rates: 05.75-07.25 percent (previous 05.50-07.25 percent).

Open Bid        Rs 99.25
Open Offer      Rs.99.45
Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday.

Bid Rate        Rs.98.67
Offer Rate      Rs.98.69

RUPEE IN LAHORE: The Pak rupee showed stability and remained unchanged against the US dollar on the local currency market on Monday.

According to the currency dealers, the dollar resumed trading at its last Saturday closing of Rs 99.25 and Rs 99.50 on buying and selling side, respectively. The dollar witnessed marginal change in its rate during the day’s trading but finally it was ended at the opening level, the dealers said. However, the rupee remained under pressure, as it was declined against the British pound. The pound was purchased and sold at Rs 166.25 and Rs 166.50 compared with last week closing of Rs 166.00 and Rs 166.25, respectively, they added.

RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar on 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). Pound 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.

Recorder Report