THE RUPEE: upward trend persists


The rupee showed further improvement against the dollar on the currency market on Thursday in the process of trading, dealers said.

INTER-BANK MARKET RATES: The rupee posted fresh gain of 17-paisa versus the dollar for buying and selling at Rs 103.04 and Rs 103.08 respectively, they said.

OPEN MARKET RATES: The rupee adopted the same track in relation to the dollar as it rose by 10-paisa for buying Rs 102.85 and it gained 15-paisa for selling at Rs 103.00. It also appreciated by 70-paisa in terms of the euro for buying and selling at Rs 129.30 and Rs 129.55 respectively, they said.

In the fourth Asian trade, the dollar stayed on the front foot, hovering near 3-1/2 week highs against a basket of currencies after the Federal Reserve surprised markets with a more hawkish policy tone and signalled its confidence in the US economic recovery.

The Fed released a statement that underscored the improving US labour market, dismissing recent financial market volatility, European growth challenges and largely weak inflation outlook.

The dollar was trading against the Indian rupee at Rs 61.41, the greenback was at 3.2870 versus the Malaysian ringgit and the US currency was available at 6.114 in terms of the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Thursday: 77.40-77.42 (previous 77.40-77.42). Call Money Rates: 06.50-08.75 percent (Previous 06.75-08.75 percent).

ISLAMABAD

The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi here on Thursday.

The dollar opened at Rs 103 (buying) and Rs 103.10 (selling) against same overnight rate. It did not observe further change in the second session and closed at Rs 103 (buying) and Rs 103.10 (selling).

Pound Sterling opened at Rs 164 (buying) and Rs 164.10 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 164 (buying) and Rs 164.10 (selling).

LAHORE

The Pak rupee showed strength and gained 15-paisa in relation to the greenback on the local currency market on Thursday.

According to the currency dealers, the dollar was opened on a negative note and remained under pressure due to lacking buyer’s interest. At close of trading, the dollar was ended at Rs 103.05 and Rs 103.30 as its buying and selling rate against Rs 103.20 and Rs 103.45 of Wednesday, respectively, the dealers said.

Similarly, the rupee remained strong and was appreciated against the pound sterling. The pound’s buying and selling rates were declined from overnight closing of Rs 166.25 and Rs 166.50 to Rs 164.75 and Rs 165.00, respectively, they added.

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Open Bid       Rs 102.85
Open Offer     Rs 103.00
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday.

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Bid Rate       Rs 103.04
Offer Rate     Rs 103.08
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Recorder Report

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