The rupee commenced financial year 18-19 on stable note against the dollar on the money market on Monday, dealers said. Explaining the direction of the money market in the coming days, some experts were opined that the Pak rupee is likely to move cautiously versus the dollar. President Forex Association of Pakistan (FAP) Malik Bostan shared the same views and said that how the Pak rupee will move against the dollar, it will purely depend on the demand and supply of the greenback.
INTER-BANK MARKET RATES: Rates were not issued due to banks' closing, they added. In the first Asian trade, the euro slipped back in Asian trade on Monday after German Chancellor Angela Merkel was dealt a fresh blow when her interior minister offered to quit in an escalating row over migration policy.
The common currency last stood at $1.1653, down 0.32 percent from late US trade on Friday. Against the safe-haven Swiss franc, it fell 0.15 percent to 1.1557 franc.
The euro had gained on Friday after European Union leaders hammered out an agreement on migration that investors hoped would ease pressure on Merkel. The dollar extended its gains against the yen to hit a fresh six-week high of 111.06 yen.
The Japanese currency was unmoved by the Bank of Japan's tankan business sentiment survey, which showed a slight dip in big Japanese manufacturers' sentiment.
The dollar has been supported by the relative strength of the US economy and the prospects of further rate hikes from the Federal Reserve. Data on Friday showed so-called core personal consumption expenditures (PCE) price index, the Fed's preferred gauge of US inflation, rose 2.0 percent from a year earlier, the biggest gain since April 2012. That kept alive expectations that the Fed will raise rates at least once and possibly twice by the end of year.
The dollar was trading against the Indian rupee at Rs 68.630, the greenback was at 4.038 versus the Malaysian ringgit and the US currency was available at 6.646 in relation to the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Monday: 83.75-83.75 (Previous 83.70-83.75).
OPEN MARKET RATES: The rupee was unmoved in terms of the dollar for buying and selling at Rs 124.00 and Rs 124.50 respectively, while the rupee lost 50 paisas against the euro for buying and selling at Rs 143.00 and Rs 145.00 respectively, they said.
========================
Open Bid Rs.124.00
Open Offer Rs.124.50
========================
Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday.
========================
Bid Rate -
Offer Rate -
========================
RUPEE IN LAHORE: The Pak rupee appreciated on buying side while it stayed unchanged on selling side in relation to the greenback in the local currency market on Monday.
According to currency dealers, the greenback resumed trading on its last closing trend of Rs 124.45 and Rs 124.90 as buying and selling rates respectively. At the close, it ended lower for buying at Rs 123.65 whereas it firmly held its opening trend for selling at Rs 124.90, they added.
Furthermore, the local currency showed strength as it recovered its earlier losses versus the pound sterling. The pound's buying and selling rates decreased from Saturday's closing of Rs 161.60 and Rs 163.65 to Rs 160.70 and Rs 162.50 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 124 (buying) and Rs124.10 (selling) against same last week's rate. It closed at Rs 124 (buying) and Rs 124.10 (selling).
Comments
Comments are closed for this article.