Strong dollars' buying forced the rupee to give up week-end's gains on the money market on Monday in the process of trading, currency experts said.
They attributed the decline to surge in demand for dollars due to week opening day. The rupee may recover its lost ground versus the dollar in short time of period, hoped some analysts.
INTER-BANK MARKET RATES: The rupee shed one paisa in relation to the dollar for buying and selling at Rs 110.55 and Rs 110.56 respectively, they said.
In the first Asian trade, the yen edged higher versus the dollar on Monday, but traded below a five-month high as a bounce in US equities late last week dampened demand for traditional safe haven currencies.
The dollar eased 0.1 percent to 108.70 yen, but remained above Friday's trough of 108.05 yen, its lowest level since Sept. 11. The dollar last week fell nearly 1.3 percent against the yen.
The US S&P 500 gained 1.5 percent on Friday, ending a wild week with a burst of buying, but still recorded the worst week in two years. Despite the bounce, investors were bracing for more volatile trading days ahead.
During Asian trading hours on Monday, S&P 500 e-mini futures edged higher and were up 0.5 percent as of 0406 GMT.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.1 percent.
The dollar was trading against the Indian rupee at Rs 64.295, the US currency was available at 3.932 versus the Malaysian ringgit and the greenback was at 6.306 in terms of the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Monday: 82.90-82.90 (Previous 82.90-82.90).
OPEN MARKET RATES: The rupee lost 30 paisas against the dollar for buying and selling at Rs 111.50 and at Rs 111.80, they said. The rupee followed the same pattern in terms of the euro, shedding one rupee for buying at Rs 136.00, while it showed no change for selling at Rs 137.00, they added.
========================
Open Bid Rs.111.50
Open Offer Rs.111.80
========================
Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday.
========================
Bid Rate Rs.110.55
Offer Rate Rs.110.56
========================
RUPEE IN LAHORE: The Pak rupee moved both ways in relation to the American dollar in the local currency market on Monday.
According to currency dealers, the US dollar witnessed divergent trend following fluctuating demand and supply situation in the market.
At the close, it was ended at Rs 111.10 and Rs 111.60 for buying and selling, respectively, as compared to the last closing trend of Rs 110.80 and Rs 111.20 respectively, they added.
In addition, the national currency failed to hold its strength as it registered reduction versus the pound sterling. Resultantly, the pound's buying and selling rates rose from Saturday's closing of Rs 151.85 and Rs 152.90 to Rs 152.70 and Rs 153.70 respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 10 paisa against the rupee at the open currency markets of Islamabad and Rawalpindi here on Monday.
The dollar opened at Rs 111.35 (buying) and Rs 111.45 (selling) against last rate of Rs 111.25 (buying) and Rs 111.35 (selling).
It closed at Rs 111.35 (buying) and Rs 111.45 (selling) by the end of second session.
Comments
Comments are closed for this article.