The rupee failed to sustain its week-end’s rally against the dollar on the money market on Monday in the process of trading, dealers said. Commenting on present direction on the money market, Chair of Forex Association of Pakistan (FAP) Malik Bostan said that since the corrective measures taken to make easy supply of dollar, the rates stabilised.
Moreover, if people hold control over dollar’s buying, the rupee would be able to trade within the levels of 98-100 versus the dollar, he added.
INTERBANK MARKET RATES: The rupee dropped by five-paisa versus the dollar for buying at Rs 98.20 and it also shed eight-paisa for selling at Rs 98.25.
OPEN MARKET RATES: The rupee managed to hold its week-long price in relation to the dollar for buying and selling at Rs 99.80 at Rs 99.95 respectively, while it slid by 20-paisa in relation to the euro for buying and selling at Rs 137.35 and Rs 137.65, respectively.
In the first Asian trade, the yen rose against its major counterparts in relatively thin trading in Asia on Monday, with moves limited by caution as the Bank of Japan began its two-day policy meeting.
The greenback remained under pressure after Friday’s US nonfarm payrolls report fell short of high expectations, while the euro had problems of its own from speculation the European Central Bank could launch its own bond-buying stimulus.
The dollar was available against the Indian rupee at Rs 60.08, the greenback was at 3.2665 in terms of the Malaysian ringgit and the US currency was at 6.2123 in relation to the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Monday: 77.67-77.67 (77.67-77.67). Call Money Rates: 06.75-08.25 percent (previous 06.50-08.25 percent).
Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday.
RUPEE IN LAHORE: The national currency remained under pressure, as it was depreciated against the major currencies like US dollar and British pound on the local currency market on Monday.
According to the currency dealers, the dollar resumed trading on a healthy sign and witnessed fresh demand that kept the Pak rupee under pressure throughout the day. At close of trading, the dollar was ended higher at Rs 100.30 and Rs 100.75 as its buying and selling rates against Rs 100.00 and Rs 100.25 of last Saturday, respectively, the dealers said.
Similarly, the Pak rupee failed to continue rising trend and was declined against the pound sterling. The pound was purchased and sold at Rs 166.20 and Rs 167.10 compared with last week closing of Rs 165.85 and Rs 166.25, respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged on the open currency markets of Islamabad and Rawalpindi here on Monday.
The dollar opened at Rs 100 for buying and Rs 100.10 for selling against same last rate. It did not observe further change in the second session and closed at Rs 100 for buying and Rs 100.10 for selling.
Pound Sterling opened at Rs 165 for buying and Rs 165.50 for selling against same last rate. It closed at the same rate without further change by the end of evening session.