THE RUPEE: all-round slide
The rupee was persistently under pressure against dollar and euro on the money market on Tuesday in process of trading, dealers said. The rupee extended its fall in terms of dollar, losing another 10 paisa for buying at 89.90 and shed nine paisa for selling at 89.93, they added.
INTERBANK MARKET DEALINGS: OPEN MARKET RATES: In sympathy with the interbank rates, the rupee also lost 20 paisa in relation to dollar for buying at 90.00 and 90.20 for selling, they said. Versus euro, the rupee showed the same trend, shedding 10 paisa for buying and selling at Rs 116.79 and Rs 117.29, they said.
Reuters adds: In the second Asian trade, euro inched up, but sentiment was fragile as efforts by policymakers to address the debt crisis are falling short of expectations and European Central Bank chief Mario Draghi has been dashing hopes of any aggressive support.
The euro was up 0.3 percent at $1.3033, above an 11-month low of $1.2944 hit last week and a Monday session trough of $1.2983. The dollar was trading versus the Indian rupee at Rs 53.07, it was available against the Malaysian ringgit at 3.1880 and it was at 6.3418 in relation to the Chinese yuan.
Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday
RUPEE IN LAHORE:
The rupee lost 30 paisa on buying side and 35 paisa on selling side against dollar on Lahore currency market on Tuesday.
According to dealers, dollar closed higher at Rs 90.00 and Rs 90.35 for buying and selling against overnight Rs 89.70 and Rs 90.00, respectively. The rupee also declined against pound sterling, which was purchased and sold at Rs 139.80 and Rs 140.50 as compared to Monday's Rs 138.50 and Rs 139.50, respectively, dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI:
The dollar continued to gain strength against the rupee at the open currency markets of Islamabad and Rawalpindi here on Tuesday. The dollar opened at Rs 90.00 (buying) and Rs 90.20 (selling) against the value of Rs 89.00 (buying) and Rs 89.20 (selling). It did not observe further change in the second session and closed at Rs 90.00 (buying) and Rs 90.20 (selling). Pound Sterling opened at Rs 138.00 (buying) and Rs 138.90 (selling) against the last rate. It did not observe further change in the evening session and closed at Rs 138.00 (buying) and Rs 138.90 (selling).
Copyright Business Recorder, 2011