WEB DESK: The strong demand for dollars forced the rupee to surrender its gains against the greenback on the money market on Tuesday, dealers said. The rupee failed to improve versus the dollar, instead it has lost 55-paisa against the dollar for buying and selling at Rs 104.90 and Rs 105.00 respectively, they said.
INTER-BANK MARKET RATES: OPEN MARKET RATES: In sympathy with the trend in the inter-bank market, the rupee fell by 10-paisa in relation to the greenback for buying at Rs 105.90 while it slid by 20-paisa for selling at Rs 106.30. The rupee gave up overnight gains versus the euro, losing 30-paisa for buying and selling at Rs 116.30 and Rs 117.30 respectively, they added.
In the second Asian trade, the dollar was little changed against the yen and euro as crude oil and equity prices took a breather after a recent slide.
But the US currency remained vulnerable to any surprise from a two-day policy-setting US central bank meeting that ends on Wednesday. The Federal Reserve is widely expected to hike interest rates for the first time in almost a decade. The dollar was flat at 121.04 yen, having pulled back from a 6-week low of 120.35 on Monday.
“Dollar long positions are being liquidated in the market at a faster pace than expected,” said Junichi Ishikawa, market strategist at IG Securities in Tokyo. The euro was little changed at $1.0993, off a 6-week peak of $1.1048 overnight.
The dollar was trading against the Indian rupee at Rs 67.05, the greenback was at 4.3230 in terms of the Malaysian ringgit and the US currency was at 6.4650 in relation to the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Tuesday: 78.75-78.75 (previous 78.80-78.87).
Open Bid Rs.106.00
Open Offer Rs.106.30
Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday.
Bid Rate Rs.104.90
Offer Rate Rs.105.00
RUPEE IN LAHORE: The rupee did slump for the second day against the dollar and the pound sterling on Tuesday.
The rupee was weak as it lost 50 paisas for buying and selling at Rs. 106.70 and Rs 107.00 against the dollar as compared to the overnight closing of Rs 106.20 and Rs 106.50, and against the pound sterling that was traded at Rs 160.50 and Rs 161.30 on the buying and selling counter against Rs 159.50 and Rs 160.80 of Monday.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar further gained strength against the Pak rupee at the open currency markets of Islamabad and Rawalpindi here on Tuesday.
The dollar opened at Rs 106 (buying) and Rs 106.20 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 106 (buying) and Rs 106.20 (selling).
Pound Sterling opened at Rs 158 (buying) and Rs 158.50 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 158 (buying) and Rs 158.50 (selling).
Source: Business Recorder