An upward trend was witnessed on the money market on Monday as the rupee gained modestly versus the dollar in the process of trading, dealers said.
The rupee rose by 10 paisas in terms of the dollar for buying and selling at Rs 105.80 and Rs 106.00 respectively, while it did not move any side versus the euro for buying and selling at Rs 118.00 and 119.50, they said.
OPEN MARKET RATES: In the first Asian trade, the dollar edged higher against a basket of currencies on Monday, moving away from last week’s 6-1/2-month lows and shrugging off news of North Korea’s latest missile test as investor attention turned to the Federal Reserve’s expected interest rate hike next month.
The dollar index, which tracks the US currency against a basket of six major rivals, inched up 0.1 percent to 97.502, holding well above last week’s nadir of 96.797, its lowest since Nov 9.
San Francisco Federal Reserve President John Williams said in Singapore on Monday that medium-term trends in US inflation remained “pretty favourable,” despite some recent soft consumer price data.
The US economy was at or near the Federal Reserve’s goals of full employment and stable prices, Williams said, adding that the US central bank wanted to ensure markets stayed calm as the Fed slowly returned interest-rate policy to normal.
Data on Friday indicated the US economy was modestly expanding, which might allow the Fed to raise interest rates further and to begin paring its $4.5 trillion balance sheet.
The dollar was trading against the Indian rupee at Rs 64.570 and the greenback was at 4.267 versus the Malaysian ringgit.
Inter bank buy/sell rates for the taka against the dollar on Monday: 80.53-80.55 (previous 80.53-80.55).
======================== Open Bid Rs 105.80 Open Offer Rs 106.00 ========================
Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday.
RUPEE IN LAHORE: The Pakistani rupee stayed unchanged on buying side while it depreciated marginally on selling side against the US dollar in the local currency market on Monday.
The trading of the US dollar resumed on its last closing trend of Rs 105.80 and Rs 106.10 as its buying and selling rates, respectively. At the close, no change in its value took place on buying counter as it maintained its opening rate of Rs 105.80.
However, it appreciated by five-paisa on selling counter and ended at Rs 106.15, currency dealers said.
Furthermore, the national currency showed mixed patterns as it moved both ways versus the pound sterling. The British currency was bought and sold at Rs 134.80 and Rs 135.50 against Saturdays’ closing rates of Rs 134.70 and Rs 135.70 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee was unchanged against the dollar at the open currency markets of Islamabad and Rawalpindi here on Monday.
The dollar opened at Rs 105.90 (buying) and Rs 106 (selling) against last rate of Rs 106.05 (buying) and Rs 106.15. It closed at Rs 105.90 (buying) and Rs 106 (selling).
Pound Sterling opened at Rs 135 (buying) and Rs 135.50 (selling). It closed at the same rate.-Business Recorder