The rupee somehow managed to resist sharp erosion in its value against the dollar on the money market on Tuesday, dealers said. The rupee also shed three paisas in relation to the dollar for buying and selling at Rs 104.85 and Rs 104.86 respectively, they said.
INTERBANK MARKET RATES: In the second Asian trade, the euro touched a one-week high ahead of the release of euro zone gross domestic product data, as the dollar struggled to gain traction in the wake of a surprisingly soft US manufacturing report.
The euro rose 0.1 percent to $1.0986, having risen to $1.0990 earlier. That was the euro’s strongest level since May 8, when it climbed to a six-month high of $1.1024 after France’s presidential election. With concerns about political risks in the euro zone having receded after centrist Emmanuel Macron was elected France’s president over far-right nationalist Marine Le Pen, focus is shifting back towards the outlook for monetary policy.
Investors are now focusing on when and how the European Central Bank (ECB) could scale back its quantitative easing given the recent strength in the euro zone economy. The dollar was trading against the Indian rupee at Rs 64.125, the greenback was at 4.311 in terms of the Malaysian ringgit and the US currency was at 6.892. Inter bank buy/sell rates for the taka against the dollar on Tuesday: 80.54-80.55 (previous 80.50-80.53).
OPEN MARKET RATES: The rupee did not move any side against the dollar for buying and selling at Rs 105.90 and Rs 106.10 respectively, they said. The rupee lost sharply versus the euro, shedding 1.15 for buying and selling at Rs 116.75 and Rs 118.25 respectively, they said.
======================== Open Bid Rs.105.90 Open Offer Rs.106.10 ========================
Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday.
======================== Bid Rate Rs.104.85 Offer Rate Rs.104.86 ========================
RUPEE IN LAHORE: The Pak rupee registered reduction versus the major currencies including the US dollar and the British pound in the local currency market on Tuesday.
According to currency dealers, the trading of the dollar commenced on a positive note following fresh buyers’ interest in the market. The short supply phenomenon of the dollar helped its appreciation at Rs 106.00 and Rs 106.25 on buying and selling sides, respectively, as compared to Monday’s closing trend of Rs 105.90 and Rs 106.10 respectively, they added.
Likewise, the national currency also followed the same suit against the pound sterling. The pound’s buying and selling rates rose from overnight closing rates of Rs 136.10 and Rs 136.70 to Rs 136.15 and Rs 137.70 respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The value of dollar further improved against the rupee at the open currency markets of Islamabad and Rawalpindi here on Tuesday.
The dollar opened at Rs 106.05 (buying) and Rs 106.15 (selling) against last rate of Rs 105.95 (buying) and Rs 106.05 (selling). It closed at Rs 106.05 (buying) and Rs 106.15 (selling).
Pound Sterling opened at Rs 135 (buying) and Rs 135.50 (selling). It closed at the same rate.-Business Recorder