The rupee managed to recover modest ground against the dollar in the process of trading, dealers said. The rupee moved slightly versus the dollar for buying and selling at Rs 104.85 and Rs 104.86 respectively, they said.
INTERBANK MARKET RATES: OPEN MARKET RATES: The rupee recovered week-end losses against the dollar, picking up 10 paisas for buying and selling at Rs 106.30 and Rs 106.50 respectively, however, it lost 50 paisas in terms of the euro for buying and selling at Rs 114.75 and Rs 116.25 respectively, they said.
In the first Asian session, the dollar slid to a near two-month low against a basket of currencies early on Monday as concerns mounted about the chances of US fiscal stimulus after the stinging defeat of President Donald Trump's healthcare package.
The inability to overhaul the US healthcare system, a major election campaign promise of Trump and his allies, marked a significant political setback for the president in a Congress controlled by his own party. The blow so early in Trump's term has heightened worries about the chances of economy-boosting steps being enacted, such as tax reforms and big spending packages.
"Concerns towards the Trump administration have been reignited after his healthcare legislation setback. This is resulting in a bout of risk aversion weighing on the dollar," said Shin Kadota, senior strategist at Barclays in Tokyo. The dollar index against a basket of major currencies was down 0.3 percent at 99.299 after going as low as 99.292, its lowest since Feb. 2.
The index had risen to a 14-year high near 104.00 early in January when expectations for significant stimulus under the Trump presidency were at their peak. In a sign of stress for Wall Street stocks, US equity index futures fell to a six-week low. The dollar was down 0.8 percent at 110.470 yen after touching 110.420, its weakest since Nov. 22. The euro was 0.45 percent higher at $1.0847 following a rise to $1.0849, its strongest early December.
The dollar was trading against the Indian rupee at Rs 65.080, the greenback was at 4.410 in terms of the Malaysian ringgit and the US currency was at 6.873 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Monday: 79.65-79.65 (previous 79.65-79.65).
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Open Bid Rs.106.30
Open Offer Rs.106.50
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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 Pakistani rupee showed strength against the US dollar in the local currency market on Monday.
The US dollar resumed trading on a depressed note and kept on declining amidst lack of buyers' interest in the market. As a result, it registered reduction and ended at Rs 106.10 and Rs 106.50 on buying and selling sides, respectively, as compared to Saturday's closing rates of Rs 106.40 and Rs 106.70 respectively, said the local currency dealers.
On the contrary, the local currency failed to keep upward trend versus the pound sterling. The pound's buying and selling rates went up from the last closing rates of Rs 131.30 and Rs 132.20 to Rs 132.10 and Rs 132.80 respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee did not show any change against the dollar at the open currency markets of Islamabad and Rawalpindi here on Monday.
The dollar showed no change against the dollar at open at Rs 106.50 (buying) and Rs 107 (selling) and it closed at the same rates. Pound Sterling opened at Rs 130 (buying) and Rs 131.50 (selling). It also closed at the same rate.
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