The rupee managed to resist sharp losses against the dollar on the money market on Tuesday, dealers said.
The dollar was short of demand due to tight supplies as the US markets were closed due to Columbus Day holiday on Monday. At a time the dollar hit Rs 103, money experts recalled and added it was expected that political condition might improve in times to come.
Recent agitations caused by Dharnas and rallies from Pakistan Therik-e-Insaf (PTI) and Pakistan Awami Therik (PAT) likely to settle down, which would definitely help to ease tension in the country, they said.
INTER-BANK MARKET RATES: The rupee continued fall in terms of the dollar, losing five-paisa for buying and selling at Rs 102.89 and Rs 102.91 respectively, they said.
OPEN MARKET RATES: The rupee adopted the same pattern versus the dollar, slipping by 10-paisa for buying and selling at Rs 102.60 and Rs 102.80 respectively, while it held the overnight levels against the euro for buying and selling at Rs 129.00 and Rs 129.25, they said.
In the second Asian trade, the dollar rebounded modestly against the yen and euro following steep falls overnight, although risk aversion amid the fall in global equities and uncertainty on the timing of Federal Reserve interest rate hikes put a firm cap on the currency.
The dollar crawled up 0.4 percent to 107.235, but remained in close range of a one-month low of 106.76 hit earlier in the session. The euro slipped 0.2 percent to $1.2726 after surging nearly one percent overnight.
The dollar was at Rs 61.00 versus the Indian rupee, the greenback was available at 3.2525 in terms of the Malaysian ringgit and the US currency was at 6.1265 in relation to the Chinese yuan. Inter bank buy-sell rates for the taka against the dollar on Tuesday: 77.40-77.40 (previous 77.40-77.40). Call Money Rates: 07.00-09.25 percent (Previous 07.25-09.50 percent).
Open Bid Rs.102.89
Open Offer Rs.102.91
Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday.
Bid Rate Rs.102.60
Offer Rate Rs.102.80
RUPEE IN LAHORE: The Pak rupee maintained upward slide for another day and gained 10-paisa in relation to the greenback on the local currency market on Tuesday.
According to the currency dealers, the dollar resumed trading at its day earlier closing of Rs 102.50 and Rs 102.75 as its buying and selling rates, respectively. Because of lacking buyers’ interest, the dollar could not sustain and was declined to Rs 102.40 and Rs 102.65 on buying and selling side, respectively. The rupee also continued rising trend and was appreciated against the pound sterling. The pound was purchased and sold at Rs 164.00 and Rs 164.25 compared with previous closing of Rs 164.25 and Rs 164.50, 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 Tuesday.
The dollar opened at Rs 101 (buying) and Rs 101.10 (selling) against same overnight rate. It did not observe further change in the second session and closed at Rs 101 (buying) and Rs 101.10 (selling) against. Pound Sterling opened at Rs 168 (buying) and Rs 168.10 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 168 (buying) and Rs 168.10 (selling).