THE RUPEE: weak tone persists

The rupee fell modestly against the dollar on the money market on Monday in the process of trading, dealers said. The rupee shed three paisa in terms of the dollar for buying and selling at Rs 104.48 and Rs 104.49, they said.
INTERBANK MARKET RATES: OPEN MARKET RATES: The rupee also drifted lower in relation to the dollar, losing five-paisa for buying and selling at Rs 104.50 and Rs 104.70, they said. The rupee, however, gained sharply versus the euro, picking up Rs 2.70 for buying and selling at Rs 115.30 and Rs 116.30, they added.
In the first Asian trade, the dollar hovered near a 2-1/2-month high against a basket of currencies after monetary easing by China over the weekend improved investor risk appetite and sent US Treasury yields higher. Stock markets worldwide soared on Friday after China cut interest rates for the fifth time this year, just a day after the European Central Bank (ECB) signalled that it is ready to increase the scale of its stimulus measures.
The dollar was trading against the Indian rupee at Rs 65.00, the greenback was at 4.2560 in terms of the Malaysian ringgit and the US currency was at 6.350 versus the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Monday: 77.80-77.88 (previous 77.81-77.81).

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Open Bid       Rs.104.50

Open Offer     Rs.104.70

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Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday.

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Bid Rate       Rs.104.48

Offer Rate     Rs.104.49

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RUPEE IN LAHORE: The rupee moved both ways against the dollar at the open currency markets of Lahore on Monday.
Currency dealers said that the dollar resumed trading at Rs 104.75 and Rs 105.00 on the buying and selling counters, respectively, as against Rs 104.70 and Rs 104.95 of last Thursday. Following a mixed demand for the dollar at the local kerb, it closed at Rs 104.75 and Rs 105.05 on the buying and selling counters, respectively.
The British pound was purchased and sold at Rs 159.60 and Rs 160.60 as against Rs 160.90 and Rs 161.60 on Thursday.
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 104 (buying) and Rs 104.25 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 104 (buying) and Rs 104.25 (selling). Pound Sterling opened at Rs 158 (buying) and Rs 158.50 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 158 (buying) and Rs 158.50 (selling).
Copyright Business Recorder, 2015