Dollar appreciated against the rupee on the money market on Thursday in the process of trading activity, currency experts said. Strong demand for dollars pushed the rates of rupee down modestly and it looks that if dollars' buying extended, the local currency may lose more ground in near future, they said.
The rupee lost further 30 paisas against the dollar for buying and selling Rs 111.90 and Rs 112.20 respectively, however it gained 15 paisas in terms of the euro for buying and selling at Rs 136.60 and Rs 138.10 respectively, they added.
OPEN MARKET RATES: INTER-BANK MARKET RATES: The rupee did not fluctuate sharply versus the dollar for buying and selling at Rs 110.57 and Rs 110.58 respectively, they said.
In the fourth Asian trade, the dollar rose to a one-week high against a basket of major currencies on Thursday, after minutes of the Federal Reserve's January meeting showed policymakers were more confident of the need to keep raising interest rates.
The dollar index edged up 0.1 percent to 90.099. Earlier, it climbed to 90.166, the highest level since Feb. 13. That lifted it about 2.2 percent from a three-year low near 88.25 plumbed last week.
A more upbeat take on inflation in the minutes of the Fed's Jan. 30-31 policy meeting bolstered expectations for rate hikes. US short-term interest-rate futures continued to reflect firm expectations that the Fed will raise rates three times this year.
The dollar was available against the Indian rupee at Rs 64.990, the greenback was at 3.915 in terms of the Malaysian ringgit and the US currency was at 6.349 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Thursday: 82.94-82.94 (Previous 82.94-82.94).
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Open Bid Rs 111.90
Open Offer Rs 112.20
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday.
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Bid Rate Rs 110.57
Offer Rate Rs 110.58
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RUPEE IN LAHORE: The Pak rupee registered a significant decline in terms of trading versus the American dollar in the local currency market on Thursday.
According to currency dealers, the short supply phenomenon of the US dollar continued to prevail in the currency market for another day which helped its further appreciation for buying and selling at Rs 112.00 and Rs 112.30 as compared to the overnight closing rates of Rs 111.60 and Rs 111.90 respectively.
On the contrary, the local currency maintained upward trend for the third consecutive day against the pound sterling. Resultantly, the pound's buying and selling rates further slid from Wednesday's closing of Rs 154.30 and Rs 155.30 to Rs 153.85 and Rs 155.00 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee showed recovery of 10 paisas against the dollar at the open currency markets of Islamabad and Rawalpindi here on Thursday.
The dollar opened at Rs 111.45 (buying) and Rs 111.55 (selling) against last rate of Rs 111.55 (buying) and Rs 111.65 (selling). It closed at Rs 111.45 (buying) and Rs 111.55 (selling).
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