The rupee failed to hold overnight firmness against the dollar on the local money market on Thursday in the process of trading, dealers said.
INTER-BANK MARKET RATES: The rupee shed three-paisa in relation to the dollar for buying and selling at Rs 101.92 and Rs 101.94 respectively, they said.
OPEN MARKET RATES: The rupee followed the same track in terms of the dollar, losing 20-paisa versus the dollar for buying and selling at Rs 103.50 and Rs 103.70 respectively. It also lost Rs 1.25 in relation to the euro for buying and selling at Rs 115.25 and Rs 116.25, they said.
The US dollar was on the defensive against the euro and yen, having pulled back sharply after Federal Reserve meeting minutes suggested policymakers were in no hurry to raise interest rates.
Fed officials widely agreed last month the economy was nearing a point where rates should move higher, but were worried lagging inflation and a weak global economy posed risks too big to commit to “liftoff.”
The dollar was trading against the Indian rupee at Rs 65.23, the greenback was at 4.1120 in terms of the Malaysian ringgit and the US currency was at 6.395 versus the Chinese Yuan.
Inter bank buy/sell rates for the taka against the dollar on Thursday: 77.80-77.80 (previous 77.80-77.80). Call Money Rates: 05.25-6.50 percent (Previous 05.25-06.50 percent).
The dollar remained firm against the rupee on the open currency markets of Islamabad and Rawalpindi here on Thursday.
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).
The rupee-dollar parity was stagnant on the local currency market on Thursday.
Currency dealers said the dollar restarted trading at its overnight closing of Rs. 103.80 and Rs. 104.20 as its buying and selling rate though it never saw any change in its demand and supply helping the rupee stability instead. Consequently, the opening rates continued to prevail till close of trading.
On the other side, the rupee too remained static on the buying side though it improved on selling against the pound sterling which was traded at Rs. 161.10 and Rs. 161.60 on the buying and selling counter compared with the day earlier closing of Rs. 161.10 and Rs. 161.70.
Open Bid Rs.103.50
Open Offer Rs.103.70
Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday.
Bid Rate Rs.101.92
Offer Rate Rs.101.94