The first session of the new fiscal year 2007-08 commenced on a bullish note, gaining five paisa against dollar in the open market on Monday at Rs 60.85 and Rs 60.95, respectively. The rupee will show its strength against dollar in the near future due to strong supply of the US currency, dealers said.
The rupee adopted the same pattern against euro, picking up 18 paisa for buying and selling at Rs 81.75 and Rs 81.85 in process of trading, they said. The interbank market rates were not available due to bank closure, dealers said.
In the world market yen fell against dollar and euro on Monday after the Bank of Japan's Tankan business sentiment survey was close to forecasts, reinforcing expectations that the central bank will raise interest rates only gradually.
Dollar rose against the yen to 123.25 yen on electronic trading platform EBS from 123.05 yen. Euro climbed against the yen to 166.75 yen from around 166.55 yen. Euro hit an all-time high of 166.94 yen last week
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KERB BUYING Rs 60.85
KERB SELLING Rs 60.95
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RUPEE IN LAHORE: The rupee depreciated its worth by 10 paisa on buying side (61.10) while appreciated its value by 30 paisa (60.80) on selling side in relation to the greenback in the local currency markets on Monday.
According to currency dealers, the dollar's trading commenced at Saturday's closing levels of Rs 61.00 and Rs 61.10 as its buying and selling rates, respectively. Because of increase in demand for dollar, as its rate moved up and finally closed at Rs 61.10 and Rs 60.80 on buying and selling sides, respectively, the dealers said. They attributed the change to the dollar's worth due to bank holiday.
Moreover, the British pound remained weak against the rupee. The pound was traded at Rs 121.00 and Rs 121.60 on buying and selling counters, respectively, as against Rs 121.50 and Rs 121.80 of Saturday, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged at the open currency markets of Islamabad and Rawalpindi on Monday.
The dollar opened at Rs 60.90 (buying) and Rs 61.00 (selling) against the overnight value. It did not observe any change in the second session and closed at Rs 60.90 (buying) and Rs 61.00 (selling).
Pound Sterling resumed trading at Rs 120.00 (buying) and Rs 120.20 (selling) against the previous rate. It did not witness any change in the evening session and closed at Rs 120.00 (buying) and Rs 120.20 (selling).
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