Political chaos caused sharp erosion in the value of the rupee versus the dollar on the money market on Monday, dealers said. According to reports, leaders of Pakistan Awami Therik (PAT) and Pakistan Tahrik-e-Insaf (PTI) called for the government to resign and Qadri has promised to bring it down by the end of the month.
Besides, currency viewers also said that local stock market saw a sharp fall as sentiment was hit after a weekend of violent clashes between police and anti-government protesters. The benchmark 100-share Karachi Stock Exchange index fell 4.46 percent or 1,309.09 points to 28,071.41 points.
INTERBANK MARKET RATES: The rupee crossed the barrier of Rs 99 against the dollar, losing 49-paisa for buying at Rs 99.35 and it lost 52-paisa for selling at Rs 99.40, they said.
OPEN MARKET RATES: In sympathy with the interbank market trend, the rupee was also down by 50-paisa versus the dollar for buying Rs 99.20 and it also lost 60-paisa for selling at Rs 99.40. The rupee also dropped by 50-paisa in terms of the euro for buying and selling at Rs 132.25 and Rs 132.50, they said.
In the first Asian trade, the yen eased versus the dollar, having backed off from peaks hit late last week as a slight relaxation in geopolitical tensions dampened demand for the safe-haven Japanese currency. The dollar inched up 0.1 percent to 102.17 yen, having bounced off Friday’s two-week trough of 101.51. The euro edged up 0.1 percent to 136.91 yen, well off an 8-1/2 month low of 135.73 set on Friday.
The dollar was trading against the Indian rupee at Rs 61.10, the greenback was available at 3.1955 in terms of the Malaysian ringgit and the US currency was at 6.153 versus the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Monday: 77.48-77.48 (previous) 77.48-77.48). Call Money Rates: 06.00-07.75 percent (previous 05.75-07.75 percent).
Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday.
RUPEE IN LAHORE: The Pak rupee remained under pressure and shed 10-paisa against the greenback on the local currency market on Monday.
According to the currency dealers, the dollar resumed trading on a positive sign and maintained upward move on account of buyers’ interest. At close of trading, the dollar was ended at Rs 98.95 and Rs 99.20 as its buying and selling rates against Rs 98.85 and Rs 99.10 of last Saturday, respectively, the dealers said.
However, the rupee remained strong and was improved against the pound sterling. The pound’s buying and selling rates were declined from the last week closing of Rs 165.70 and Rs 166.70 to Rs 165.50 and Rs 165.75, respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar on the open currency markets of Islamabad and Rawalpindi here on Monday.
The dollar opened at Rs 98.50 (buying) and Rs 98.60 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 98.50 (buying) and Rs 98.60 (selling).
Pound Sterling opened at Rs 165 (buying) and Rs 165.50 (selling) against same last rate. It closed at the same rate without further change by the end of evening session.