Firmness prevailed on the money market on Tuesday as the rupee in relation to the dollar struggled to come out of the bottom in the process of trading, dealers said. The rupee managed to recover 25-paisa versus the dollar for buying and selling at Rs 101.15 and Rs 101.18 respectively, they said.
INTERBANK MARKET RATES: OPEN MARKET RATES: The rupee did move any side in terms of dollar for buying and selling at Rs 101.40 and Rs 101.60 respectively, they said.
The rupee continued its weakness, shedding 25-paisa in relation to the euro for buying and selling at Rs 115.00 and Rs 115.25 respectively, they said. In the second Asian trade, the Australian dollar skidded more than one US cent to a six-year low and plunged more than two percent against the yen after the Reserve Bank of Australia slashed interest rates to a record low. The Aussie’s drop against the yen gave the US currency a cross-trading lift against the dollar, which shed about 0.5 percent to 117.03 yen.
Australia’s central bank cut its cash rate a quarter point to 2.25 percent at its policy meeting, to spur a sluggish economy and keep downward pressure on its currency. A Reuters poll of 29 analysts had found 20 expected no change this week.
The dollar was trading against the Indian rupee at Rs 61.70, the greenback was available at 3.6290 in terms of the Malaysian ringgit and the US currency was at 6.2570 in relation to the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Tuesday 77.80-77.80 (previous 77.80-77.80). Call Money Rates: 07.00-09.00 percent (Previous 07.00-09.25 percent).
Open Bid Rs.101.40
Open Offer Rs.101.60
Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday.
Bid Rate Rs.101.15
Offer Rate Rs.101.18
RUPEE IN LAHORE: The Pak rupee remained weak and registered a slight decline of five-paisa against the US dollar on the local currency market on Tuesday.
According to the currency dealers, the dollar was opened at its day earlier closing of Rs 101.65 and Rs 101.90 as its buying and selling rate, respectively. As a result of fresh increase in the dollar’s demand, its rate was moved up at Rs 101.70 and Rs 101.95 on buying and selling side, respectively, the dealers said.
However, the Pak rupee-pound sterling parity remained unchanged amid low trading activity. The pound was traded at its overnight closing of Rs 152.75 and Rs 153.00 on buying and selling counter, respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee gained strength against the dollar on the open currency markets of Islamabad and Rawalpindi here on Tuesday.
The dollar opened at Rs 100.75 (buying) and Rs 101 (selling) against last rate of Rs 101 (buying) and Rs 101.25 (selling). It did not observe further change in the second session and closed at Rs 100.75 (buying) and Rs 101 (selling). Pound Sterling opened at Rs 152 (buying) and Rs 153 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 152 (buying) and Rs 153 (selling).