THE RUPEE: rates tumble

Bears dominated the money market on Monday as the rupee tumbled with modest losses versus the dollar in the process of trading, dealers said. The rupee lost 11-paisa in relation to the dollar for buying and selling at Rs 101.95 and Rs 101.97 respectively, they said.

INTERBANK MARKET RATES: OPEN MARKET RATES: The rupee followed the same pattern against the dollar, losing 20-paisa for buying and selling at Rs 103.20 and Rs 103.40 respectively however it gained 10-paisa versus the euro for buying and selling at Rs 114.00 and Rs 115.00 respectively, they said.

In the first Asian trade, the dollar held firm as traders looked to prospects of a US rate hike next month, while the yen was little moved after data showed Japan’s economy shrank in the April-June quarter. The dollar’s index against a basket of six major currencies edged up slightly to 96.716, extending its recovery from a one-month low of 95.926 hit on Wednesday.

The US currency is slowly recovering from the damage it suffered last week after a surprise decision by the People’s Bank of China to devalue the yuan. The dollar was trading against the Indian rupee at Rs 65.22, the greenback was at 4.0950 in the terms of the Malaysian ringgit and the US currency was available at 6.3952 versus the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Monday: 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.103.20
Open Offer     Rs.103.40

Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday.

Bid Rate       Rs.101.95
Offer Rate     Rs.101.97

RUPEE IN LAHORE: The rupee on Monday remained under pressure and lost 15 paisas against the American dollar for buying and selling at Rs 103.40 and Rs 103.75 against last Saturday’s closing of Rs 103.25 and Rs 103.60, respectively.

Currency dealers said fresh demand for the dollar helped its appreciation on the local currency market while the rupee weakened and depreciated against the British pound, as its buying and selling rate improved from the last week closing of Rs 160.00 and Rs 160.70 to Rs 160.30 and Rs 161.00, respectively.

RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained firm against the rupee on the open currency markets of Islamabad and Rawalpindi here on Monday.

The dollar opened at Rs 102 (buying) and Rs 102.20 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 102 (buying) and Rs 102.20 (selling). Pound Sterling opened at Rs 157 (buying) and Rs 157.50 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 157 (buying) and Rs 157.50 (selling).

Recorder Report