WEB DESK: The rupee slid modestly in relation to the dollar on the money market on Monday in the process of trading, dealers said. According to the reports last week, the Monetary Policy Committee of the State Bank of Pakistan (SBP) has decided to maintain the policy rate at six percent to control inflation rate.
INTER-BANK MARKET RATES: The rupee shed two paisas against the dollar for buying and selling at Rs 104.74 and Rs 104.75 respectively, they said.
OPEN MARKET RATES: The rupee did not budge any side against the dollar for buying and selling at Rs 105.20 and Rs 105.40 respectively, they said. While, the rupee picked up 10 paisas in relation to the euro for buying and selling at Rs 119.40 and Rs 120.40, they added.
In the first Asian trade, demand for the yen showed little signs of abating, with the currency reaching a fresh 17-month high, prompting the Japanese government to warn that it could take steps to weaken the exchange rate.
Chief Cabinet Secretary Yoshihide Suga told a news conference the government was closely monitoring the foreign exchange market with a sense of urgency, noting the yen moves were one-sided and speculative.
The dollar fell as far as 107.63 yen, surpassing last week’s trough of 107.67 and extending last week’s 3.3 percent drop. It has since drifted back to 107.91, down 0.2 percent on the day. The dollar was trading against the Indian rupee at Rs 66.38, the greenback was at 3.8810 in terms of the Malaysian ringgit and the US currency was at 6.4662 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Monday. 78.40-78.40 (previous 78.40-78.40).
Open Bid Rs.105.20
Open Offer Rs.105.40
Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday.
Bid Rate Rs.104.74
Offer Rate Rs.104.75
RUPEE IN LAHORE: The Pak rupee stayed firm in relation to the US dollar in the local currency markets on Monday. According to the currency dealers, the dollar commenced trading at its last Saturday closing of Rs 105.45 and Rs 105.70 as its buying and selling rate, respectively.
The US dollar remained under-pressure and ended at Rs 105.45 and Rs 105.70 on buying and selling counters while it did not observe any change in its demand and supply that helped the local currency stability, the dealers said.
On the other hand, the local currency failed to hold its strength against the pound sterling that was purchased and sold at Rs 147.80 and Rs 148.80 as compared to the last week closing of Rs 147.70 and Rs 148.70, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar further gained strength against the Pak rupee at the open currency markets of Islamabad and Rawalpindi here on Monday. The dollar opened at Rs 106 (buying) and Rs 106.20 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 106 (buying) and Rs 106.20 (selling). Pound Sterling opened at Rs 158 (buying) and Rs 158.50 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 158 (buying) and Rs 158.50 (selling).
Source: Business Recorder