The rupee continued erosion in its value versus the dollar on the money market on Tuesday, dealers said. Commenting on the steep decline in the value of the rupee, some experts said that recent devaluation of the rupee is the reflection of slide in the regional currencies. It was observed that to boost exports of the textile sector, most of the exporters were demanding devaluation in local currency.
In fact, a 12 percent decline of exports in July also forced the govt to check it and take necessary measures. After China’s devaluation, most of the regional countries adopted the same path, particularly after Indian rupee’s slide from Rs 62 to Rs 66.00, which created a concern for the economic managers, they observed. “We cannot rule out the idea of further slide in the value of the rupee against the dollar,” they said.
INTERBANK MARKET RATES: The rupee slid by 35-paisa in terms of the dollar for buying and selling at Rs 104.28 and Rs 104.30 respectively, they said.
OPEN MARKET RATES: The rupee held the overnight levels versus the dollar for buying and selling at Rs 104.60 and Rs 104.90 respectively, they said.
The rupee also depreciated in relation to the euro for buying and selling at Rs 119.00 and Rs 120.00 respectively, they said. In the second Asian trade, the dollar rose more than 1 percent against the yen on Tuesday and pulled away from seven-month lows as investor risk aversion showed signs of easing, but the outlook remained clouded by worries about slowing Chinese growth.
Traders said a rise in US stock index futures and a bounce in Tokyo equities from session lows helped spur dollar-buying against the yen. There was also talk of dollar-buying by Japanese players. The dollar was trading against the Indian rupee at Rs 66.56, the greenback was at 4.2420 in terms of the Malaysian ringgit and the US currency was at 6.413 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: 05.30-6.50 percent (Previous 05.25-06.50 percent).
Open Bid Rs.104.60
Open Offer Rs.104.90
Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday.
Bid Rate Rs.104.28
Offer Rate Rs.104.30
RUPEE IN LAHORE: The rupee maintained a downward move for the second consecutive day and declined by 50 paisas on the buying side at Rs 104.80 and 70 paisas on the selling side at Rs 105.40 in relation to the greenback on the local currency market on Tuesday.
Currency dealers said the dollar resumed trading on a healthy note and kept rising following increasing demand. At close of trading, the dollar ended further higher at Rs 104.80 and Rs 105.40 as its buying and selling rate against the overnight closing of Rs 104.30 and Rs 104.70 of Monday, respectively.
The rupee remained under pressure and further depreciated against the pound sterling which was purchased and sold at Rs 163.80 and Rs 164.50 compared with the day earlier closing of Rs 162.10 and Rs 162.50, respectively.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained firm against the rupee on the open currency markets of Islamabad and Rawalpindi here on Tuesday.
The dollar opened at Rs 104 (buying) and Rs 104.25 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 104 (buying) and Rs 104.25 (selling).
Pound Sterling opened at Rs 161 (buying) and Rs 161.50 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 161 (buying) and Rs 161.50 (selling).