THE RUPEE: steadier trend

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-File Photo


The rupee moved cautiously in relation to the dollar on Thursday in the process of trading, dealers said. The rupee extended overnight winning streak, picking up more three paisas versus the dollar for buying and selling at Rs 104.78 and Rs 104.80 respectively, they said.

INTERBANK MARKET RATES: In the fourth Asian trade, the dollar edged up to eight week highs against the yen in early Asian trading, as investors’ focus turned back to the strength of the economy and away from US politics.

The dollar was slightly up on the day at 114.31 yen after earlier rising as high as 114.37, its highest since March 15. The yen had gained in the previous session after US President Donald Trump abruptly fired FBI Director James Comey, raising investors’ fears that the controversial move would lead to political turmoil and derail US stimulus steps and tax reform.

Such fears were not entirely vanquished. Days before he was fired, Comey told lawmakers he sought more resources for his agency’s probe into possible collusion between Trump’s presidential campaign and Russia to sway the 2016 US election, a congressional source said on Wednesday.

But with markets pricing in around a 90 percent chance that the economy is strong enough for the Federal Reserve to raise interest rates at its meeting next month, investors did not lose sight of fundamentals. The dollar was trading against the Indian rupee at Rs 64.525, the greenback was at 4.346 versus the Malaysian ringgit and the US currency was at 6.905 in terms of the Chinese yuan.

Interbank buy/sell rates for the taka against the dollar on Wednesday: 80.50-80.50 (previous 80.47-80.48).

OPEN MARKET RATES: The rupee stayed put against the dollar for buying and selling at Rs 105.70 and Rs 105.90 respectively, they said. The rupee shed 10 paisas in terms of the euro for buying and selling at Rs 114.60 and Rs 116.10 respectively, they said.


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Open Bid       Rs.105.70

Open Offer     Rs.105.90

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Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday.

 


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Bid Rate       Rs.104.78

Offer Rate     Rs.104.80

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RUPEE IN LAHORE: The Pak rupee recovered its earlier losses against the major currencies including the American dollar and the British pound in the local currency market on Thursday.

The currency dealers said the trading activity of the US dollar commenced on a negative note amidst lack of buyers’ interest in the market. Consequently, it slid to Rs 105.80 and Rs 106.00 on buying and selling sides, respectively, as compared to the overnight trend of Rs 105.85 and Rs 106.05 respectively, the dealers added.

Versus the pound sterling, the local currency also followed the same suit. The pound’s buying and selling rates drifted from Wednesday’s closing rates of Rs 136.40 and Rs 137.00 to Rs 135.60 and Rs 136.00 respectively, they said.

RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi here on Thursday.

The dollar opened at Rs 105.90 (buying) and Rs 106 (selling). It closed at the same. Pound Sterling opened at Rs 135 (buying) and Rs 135.50 (selling). It closed at the same rate.-Business Recorder

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