Firmness prevailed on the money market on Tuesday as the rupee sustained overnight levels in relation to the dollar in the process of trading, dealers said. The rupee did not move any side versus the dollar for buying and selling at Rs 104.85 and Rs 104.86 respectively, they said.
INTER-BANK MARKET RATES: In the second Asian trade, the euro pulled back from recent six-month highs, but remained well-supported as fading worries over political populism and signs of improving economic conditions in Europe bolstered investor confidence. The euro fell to $1.0921 from $1.1024, its highest level in six months, hit in early Monday trade on relief after centrist Emmanuel Macron’s victory in France’s presidential election.
The euro’s retreat was driven solely by profit-taking. “I think it is going to regain momentum over time,” said Yukio Ishizuki, senior currency analyst at Daiwa Securities. Reflecting easing concerns over European politics, the common currency gained against the safe-haven Swiss franc, hitting a seven-month high of 1.0918 franc on Monday and last stood at 1.0915.
Against the yen, it stood at 123.72 yen after Monday’s one-year high of 124.58. The dollar was trading against the Indian rupee at Rs 64.535, the greenback was at 4.341 versus the Malaysian ringgit and the US currency was at 6.907 in terms of the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Tuesday: 80.47-80.48 (previous 80.45-80.45).
OPEN MARKET RATES: The rupee stayed put against the dollar for buying and selling at Rs 105.50 and Rs 105.70 respectively, they said. The rupee appreciated by 35 paisas in terms of the euro for buying and selling at Rs 114.75 and Rs 116.25 respectively, they said.
======================== Open Bid Rs.105.50 Open Offer Rs.105.70 ========================
Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday.
======================== Bid Rate Rs.104.85 Offer Rate Rs.104.86 ========================
RUPEE IN LAHORE: The Pakistani rupee failed to sustain it’s gains as it registered reduction versus the US dollar in the local currency market on Tuesday.
According to the currency dealers, the dollar commenced trading on a positive note following buyers’ interest in the market. At the close, it rose to Rs 105.70 and Rs 105.90 on buying and selling sides, respectively, as compared to the overnight closing trend of Rs 105.50 and Rs 105.70 respectively, they added.
On the contrary, the local currency showed strength as it recovered its earlier losses against the pound sterling. The pound’s buying and selling rates slid from Monday’s closing rates of Rs 136.00 and Rs 137.00 to Rs 135.90 and Rs 136.90 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 Tuesday. 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