Downward revision was seen in the interbank market on Thursday as the rupee shed three paisa versus the dollar for buying and selling at 59.56 and 59.57, respectively. High demand for dollars forced the rupee to give up its overnight gains as leading banks covered their near-term position, money experts said. They said that persistent rise in the world oil prices is indicating that the dollar's demand will continue in the local market as most of the importers have increased forward dollars buying in anticipation of further appreciation in the US currency's value, they observed.
They said that if the exporters off-load their dollar holdings, the rupee might resist sharp depreciation in the open market, otherwise, the local currency may move both ways, probably downwards, in the coming days.
Rejecting the idea of any unusual demand in the dollar's value ahead of the federal budget, president of the Forex Association of Pakistan (FAP), Malik Bostan said that it's true that the demand for the dollars had gone up, but on the other hand, it's also a fact that the supply was enough to meet the emerging demand.
He also said that the demand for dollars might come down and enable the rupee to recover its lost ground versus the US currency.
OPEN MARKET RATES: Buying pressure by the interbank market, kept the rupee under pressure as it lost 20 paisa in a single day for buying and selling at 60.90 and 61.00, dealers said.
Some moneychangers at the Khanani and Kalia International said that the dollar demand is high and this factor might push the rupee value down in the coming days.
The rupee moved both ways versus the euro as it did not show any change on the buying side at Rs 76.70 while the local currency drifted lower on the selling side at Rs 77.00, dealers said.
================================
Kerb Buying Rs 60.90
Kerb Selling Rs 61.00
================================
INTERBANK CLOSING RATES: Interbank closing rates for dollar on Thursday.
==============================
Buying Rs 59.56
Selling Rs 59.57
==============================
RUPEE IN LAHORE: The rupee remained under pressure and further shed its value by 15-paisa in relation to the greenback in the local currency markets on Thursday.
According to the currency dealers, the dollar's demand remained intact, which helped appreciation in its worth against the local currency. The dollar's trading commenced at Rs 60.85 and Rs 60.90 on buying and selling side, respectively. With the increase in dollar's demand its rate moved up and closed at Rs 60.90 and Rs 61.00 on buying and selling counters, respectively, as compared to Rs 60.75 and 60.85 of Wednesday, the dealers said.
Similarly, the local currency remained weak against the pound sterling. The pound's buying rate improved from Wednesday's closing rate of Rs 111.50 to Rs 111.60, while selling rate declined from Rs 112.00 to Rs 111.90, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged at the open currency markets of Islamabad and Rawalpindi on Thursday.
The dollar opened at Rs 60.70 (buying) and Rs 60.80 (selling) against same last rate. It did not observe any further change in the second spell and closed at Rs 60.70 (buying) and Rs 60.80 (selling).
Pound sterling opened at Rs 111.50 (buying) and Rs 111.60 (selling) against same overnight value. It did not observe any change in the second session and closed at Rs 111.50 (buying) and Rs 111.60 (selling).
Comments
Comments are closed.