Persisting demand for dollars pushed the rupee down against the greenback on the currency market on Monday, dealers said. The rupee continued it downward journey against dollar, shedding five paisa for buying at 87.18 and lost seven paisa for selling at 87.22, they said.
INTERBANK MARKET RATES: The dollar was in commanding position as buying was high by the importers to clear payments, they said. In the first Asian trade dollar came under light pressure against a basket of major currencies, with traders speculating the Federal Reserve may offer more stimulus next month in the face of an uncertain growth outlook.
While Fed Chairman Ben Bernanke gave no details of further action to boost the US recovery at an eagerly awaited speech on Friday, he said the central bank would extend its September policy meeting to two days to consider its options.
"If the economy were to fall into recession, we believe the Fed would initiate another round of quantitative easing," Michael Carey, chief economist for North America for Credit Agricole, said in a note to clients.
Interbank buy/sell rates for taka against dollar on Monday: 73.80/74.20 (previous 73.35/73.88). Call Money Rates: 12.00-20.00 percent (previous 12.00-20.00 percent. The US currency was trading at Rs 46.15 in relation to Indian rupee,the greenback was at 2.9795in terms of the Malaysian ringget an dollar was available at 6.3844 versus Chinese yuan.
OPEN MARKET RATES: The rupee retained the overnight level in relation to the dollar for buying and selling at 86.70 and 86.90, they added. The rupee extended its slide versus euro, losing 36 paisa for buying and selling at Rs 125.84 and Rs 126.34, they said.
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Open Buying Rs 86.70
Open Selling Rs 86.90
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday.
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Buying Rs.87.18
Selling Rs.87.22
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RUPEE IN LAHORE: The rupee-dollar parity remained unchanged amid sluggish trading at Lahore currency market on Monday.
According to dealers, dollar resumed trading at overnight Rs 86.70 and Rs 87.00 as buying and selling rates, respectively, and witnessed no change.
The rupee also stayed unchanged on buying side while it appreciated its worth on selling side in relation to the pound sterling. The pound was purchased and sold at Rs 141.50 and Rs 142.00 as compared to previous closing of Rs 141.50 and Rs 142.20, respectively, dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged at the open currency markets of Islamabad and Rawalpindi here on Monday.
The dollar opened at Rs 86.02 (buying) and Rs 86.30 (selling) against same last week's rate. It did not observe further change in the second session and closed at Rs 86.02 (buying) and Rs 86.30 (selling).
Pound Sterling opened at Rs 138.35 (buying) and Rs 138.50 (selling) against same overnight value. British currency did not observe further change in the evening session and closed at Rs 138.35 (buying) and Rs 138.50 (selling).
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