THE RUPEE: firm trend
The rupee posted fresh gains against the dollar on the back of easy supply of the US currency on the money market on Tuesday, dealers said. Chairman of the Forex Association of Pakistan (FAP), Malik Bostan, said that nearly one-week ago the FAP had set up dollar counters across the country, which bore fruitful results as rates are stabilised now-a-days.
This move by the FAP along with other corrective measures taken by the economic managers to make comfortable supply of dollars played a vital role in stabilising the rates. On the other hand, that factor discouraged black market and eased supply of dollar as some money exchanges companies and franchise were facing dearth of dollar, he added.
INTERBANK MARKET RATES: The rupee gave up overnight weakness versus the dollar, recovering 10-paisa for buying at Rs 98.10 and it gained 13-paisa for selling at Rs 98.12, dealers said.
OPEN MARKET RATES: The rupee held the overnight rates in relation to the dollar for buying and selling at Rs 99.80 at Rs 99.95 respectively, while it picked up 10-paisa against the euro for buying at Rs 137.25 and it rose by 15-paisa for selling at Rs 137.50, respectively.
In the second Asian trade, the dollar slipped against the yen, struggling to gain traction after the Bank of Japan (BoJ) held off from additional easing as expected, with focus turning to a news conference by BOJ Governor Haruhiko Kuroda.
The dollar last fetched about 102.98 yen, down 0.1 percent on the day. The dollar had been weak against the yen even ahead of the BOJ policy decision. The dollar was trading against the Indian rupee at Rs 60.11, the greenback was at 3.2610 in terms of the Malaysian ringgit and the US dollar was at 6.2068 in relation to the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Tuesday: 77.67-77.67 (77.67-77.67). Call Money Rates: 06.75-08.25 percent (previous 05.25-08.25 percent).
Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday.
RUPEE IN LAHORE:
The Pak rupee staged recovery and appreciated its worth by 10-paisa on buying side at Rs 100.20 but it remained unchanged on selling side at Rs 100.75 against the US dollar on the local currency market on Tuesday.
According to the currency dealers, the dollar resumed trading at its day earlier closing of Rs 100.30 and Rs 100.75 as its buying and selling rates, respectively. The dollar witnessed a decline on buying side and was ended at Rs 100.20, while its selling rate stayed unchanged at Rs 100.75, the dealers said.
On the contrary, the rupee maintained downward slide and remained under pressure against the pound sterling. The pound's buying and selling rates were improved from Monday closing of Rs 166.20 and Rs 167.10 to Rs 166.50 and Rs 167.50, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI:
The rupee-dollar parity remained unchanged at the open currency markets of Islamabad and Rawalpindi here on Tuesday. 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.
Copyright Business Recorder, 2014