Weakness prevailed on the money market on Monday as the rupee fell modestly against the dollar in the process of trading, dealers said.
The rupee depicted slight fall in relation to the dollar for buying and selling at Rs 104.86 and Rs 104.88 respectively, they said. In the first Asian trade, the dollar inched higher, but remained close to six-month lows against a basket of currencies as investors assessed the impact of the latest bout of US political turmoil and a resurgent euro.
INTER-BANK MARKET RATES: The dollar index, which tracks the greenback against a basket of six major rivals, steadied 0.2 percent from Friday’s late US levels to 97.292. But it was hovering not far from the previous session’s low of 97.080, which was its deepest trough since November 9.
US President Donald Trump, now on a trip to the Middle East, left behind political drama in Washington that some fear could derail his administration’s promises of tax reform and fiscal stimulus, if not his presidency.
Those fears threaten to offset much of the dollar-positive sentiment genmerated by expectations for a U.S intrest rate rise next month. Trump’s budget proposal, set to be unveiled on Tuesday, will include cuts to Medicaid and propose changes to other assistance programs for low-income citizens, the Washington Post reported on Sunday.
The dollar was trading against the Indian rupee at Rs 64.503, the greenback was at 4.306 versus the Malaysian ringgit and the US currency was at 6.890 in terms of the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Monday: 80.53-80.55 (previous 80.54-80.54).
OPEN MARKET RATES: The rupee fell by 10 paisas in relation to the dollar for buying and selling at Rs 105.90 and Rs 106.10 respectively, they said. The rupee also sheds 10 paisas in terms of the euro for buying at Rs 118.40, it, however, gained 40 paisas for selling Rs 119.40 respectively, they said.
======================== Open Bid Rs.105.90 Open Offer Rs.106.10 ========================
Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday.
======================== Bid Rate Rs.104.86 Offer Rate Rs.104.88 ========================
RUPEE IN LAHORE: The Pak rupee stayed unchanged on buying side while it depreciated on selling side against the US dollar in the local currency market on Monday.
The dollar commenced trading on its Saturday’s closing trend of Rs 106.00 and Rs 106.15 as its buying and selling rates, respectively, the currency dealers said. The dollar did not witness any change in its buying rate that prevailed till close of trading at Rs 106.00.
However, it further appreciated on selling counter and ended at Rs 106.40, they added.
Moreover, the rupee showed mixed patterns as it moved both ways on buying and selling sides versus the pound sterling.
The British currency was bought and sold at Rs 137.00 and Rs 138.10 against last closing rates of Rs 137.50 and Rs 138.00 respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee stayed put against the dollar at the open currency markets of Islamabad and Rawalpindi here on Monday.
The dollar opened aggaines the rupee at Rs 105.90 (buying) and Rs 106 (selling). And closing was seen at the same levels. Pound Sterling opened at Rs 135 (buying) and Rs 135.50 (selling). It closed at the same rate.-Business Recorder