An upward trend prevailed on the money market on Monday as the rupee gained sharply against the dollar in the process of trading, dealers said. The rupee rose by 20 paisas versus the greenback for buying Rs 108.00 and it picked up 30 paisas for selling at Rs 108.20, they said. Similarly, the rupee appreciated by 40 paisas in terms of the euro for buying and selling at Rs 112.20 and Rs 113.20 respectively, they said.
OPEN MARKET RATES: In the first Asian trade, the dollar dipped against the yen, edging lower down after US Treasury yields dipped on mixed economic data. Trading was subdued with many key markets shut on Monday for the Christmas holidays. The greenback was down 0.2 percent at 117.300 yen. The euro was steady at $1.0457. Currencies took stock of the US debt market, which saw the benchmark 10-year note yield end lower on Friday.
The yield pulled back from 27-month peaks scaled mid-month following Friday's release of US economic indicators that included strong housing and consumer confidence data but also numbers that pointed to slower household income.
"The currency market is likely to lack incentives as major markets in Asia, Europe and North America will be closed. That said, dollar/yen risks drifting below 117 on caution towards the Trump administration's protectionist policies," said Masafumi Yamamoto, chief currency strategist at Mizuho Securities in Tokyo.
Inter bank buy/sell rates for the taka against the dollar on Monday: 78.78-78.80 (previous 78.80-78.85).
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Open Bid Rs 108.00
Open Offer Rs.108.20
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RUPEE IN LAHORE: The Pakistani rupee showed strength as it recovered some losses against the major currencies including the American dollar and British pound in the local currency market here on Monday.
According to currency dealers, the US dollar commenced trading on a depressed note amidst lack of buyers' interest in the market.
At the close, it could not sustain and lost its worth to Rs 108.00 and Rs 108.50 on buying and selling counters, respectively, as compared to its Saturday's closing rates of Rs 108.40 and Rs 108.60, respectively, they added.
The local currency also followed the same suit versus the pound sterling. The pound's buying and selling rates went down from its last week's closing rates of Rs 132.20 and Rs 133.10 to Rs 131.30 and Rs 132.30, respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar showed an improvement of rupee one against rupee at currency exchange shops of Islamabad and Rawalpindi here on Monday.
The dollar resumed trading at Rs 108 (buying) and Rs 108.50 (selling) against last rate of Rs 107 (buying) and Rs 107.50 (selling). It did not observe further change in evening session and closed at Rs 108 (buying) and Rs 108.50 (selling). Pound Sterling opened at Rs 135 (buying) and Rs 135.10 (selling) against same last week's rate. It did not observe further change in the second session and closed at Rs 135 (buying) and Rs 135.10 (selling).
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