The dollar touched Rs 108 mark on the open market on Monday in the process of trading, dealers said. "The rupee hit Rs 108.20 mark against the dollar on the open market due to strong demand, but it looks that the rupee may not show any weakness in the near future," currency viewers observed. There is a gap of nearly Rs 4 between the inter-bank and open market rates, despite this it makes no difference because supply is enough to meet the demand of the market, they said.
INTER-BANK MARKET RATES: The rupee showed no variation in relation to the dollar for buying and selling at Rs 104.85 and Rs 104.86 respectively. In the first Asian trade, the dollar fell, nudged off a one-week high against a basket of currencies after Treasury yields declined on data showing the US economy growing more slowly than expected.
Underlying concerns over US President's Donald Trump's protectionist trade stance also cut short the dollar's stay at the one-week peak, with a temporary travel ban on people from seven Muslim-majority countries imposed at the weekend adding another layer of uncertainty. The dollar was down 0.6 percent at 114.410 yen after it rise on Friday to 115.380, its highest since January 20.
The euro added to Friday's modest gains and was last 0.3 percent higher at $1.0733. Inter bank buy/sell rates for the taka against the dollar on Monday: 79.06-79.07 (previous 79.05-79.05).
OPEN MARKET RATES: The rupee lost 30 paisas versus the dollar for buying and selling at Rs 107.70 and Rs 107.90 respectively, they said. The rupee, however, gained 60 paisas in terms of the euro for buying and selling at Rs 114.60 and Rs 115.50 respectively, they said.
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Open Bid Rs 107.70
Open Offer Rs 107.90
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday.
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Bid Rate Rs 104.85
Offer Rate Rs 104.86
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RUPEE IN LAHORE: The local currency dropped against the greenback in the local money market on Monday.
According to currency dealers, the trading of the greenback resumed on a positive note amidst lack of buyers' interest in the market. At the close, it increased to Rs 107.95 and Rs 108.20 on buying and selling counters, respectively, as compared to the Saturday's closing rates of Rs 107.70 and Rs 107.95, respectively, they added.
On the contrary, the local currency showed strength as it recovered its earlier losses versus the pound sterling. The pound's buying and selling rates slid from the last closing rates of Rs 134.50 and Rs 135.60 to Rs 134.00 and Rs 135.00, respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The value of dollar against the rupee remained unchanged at the open currency markets of Islamabad and Rawalpindi here on Monday.
The dollar opened at Rs 108.30 (buying) and Rs 108.40 (selling) against same last rate. Dollar closed at Rs 108.30 (buying) and Rs 108.40 (selling).
Pound Sterling opened at Rs 130 (buying) and Rs 131.50 (selling). It did not observe further change in the second session and closed at Rs 130 (buying) and Rs 131.50 (selling).
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