After maintaining stable trend for a long time versus the dollar, the rupee depreciated modestly on the money market on Thursday in the process of trading activity, dealers said.
Commenting on the decline in the value of the rupee, marketmen said it is surprising that country's foreign exchange reserves showed an increase of $14 million to $10,907.3 million, while the local currency went down during the session.
Other money experts said the rupee could not maintain its firmness against the dollar due to higher demand for dollar. As the currency market re-opened after one-day holiday on account of 144th birth anniversary of Father of Nation Mohammad Ali Jinnah, the dollar's demand increased.
The foreign exchange reserves showed an increase of $14 million to $10,907.3 million in the week ending Dec 20, compared to $10,892.9 million in the previous week, the State Bank of Pakistan said on Thursday.
INTER-BANK MARKET RATES: RATES: The rupee shed 16 paisas against the dollar for buying and selling at Rs 155.05 and Rs 155.10 respectively, they said.
OPEN MARKET RATES: The rupee dropped 10 paisas in relation to the dollar for buying at Rs 154.70 and it also lost 20 paisas for selling at Rs 155.10, they said. The rupee was unchanged in terms of the euro for buying and selling at Rs 170.50 and Rs 172.00 respectively, they said.
In the third Asian trade, the dollar edged up slightly against the yen while risk-sensitive currencies held firm on Thursday, buoyed by optimism of easing trade tensions between the United States and China and signs of recovering global growth.
Beijing said on Wednesday it is in close touch with Washington on a trade deal signing ceremony, a day after US President Donald Trump said that he and Chinese President Xi Jinping will have a ceremony to sign the recently struck trade deal.
Against the yen, the dollar rose 0.2% to 109.54 yen and within striking distance of a six-month high of 109.73 touched earlier this month. The euro barely moved at $1.10905.
The Australian dollar held firm at $0.6927, a shade below its four-month peak of $0.6939 touched earlier this month while the kiwi traded at $0.6648, near its highest level in five months.
Global currency markets remained in holiday mood following Christmas Day on Wednesday and with several centres still closed on Thursday.
However, traders have taken a positive lead after Washington and Beijing struck an interim agreement on trade earlier this month, which is expected to continue to underpin risk assets.
The dollar was trading against the Indian rupee at Rs 71.255, the US currency was available at 4.134 versus the Malaysian ringgit and the greenback was 6.994 in terms of the Chinese yuan.
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Open Bid Rs 154.70
Open Offer Rs 155.10
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday.
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Bid Rate Rs 155.05
Offer Rate Rs 155.10
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RUPEE IN LAHORE: The Pak rupee recovered its earlier losses versus major foreign currencies including the greenback and the British pound in the open currency market on Thursday.
Following lack of buyers' interest in the market, the greenback could not sustain its worth and ended lower for buying and selling at Rs 154.60 and Rs 155.10 against the previous closing trend of Rs 154.80 and Rs 155.20 respectively, local currency dealers said.
Similarly, the rupee also followed the suit in relation to the pound sterling that was bought and sold at Rs 198.90 and Rs 199.90 against the Tuesday's closing rate of Rs 199.20 and Rs 200.50 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee recovered 10paisa against the dollar at the open currency markets of Islamabad and Rawalpindi here on Thursday.
The dollar opened at Rs 155(buying) and Rs 155.10(selling) against last rate of Rs 155.10(buying) and Rs 155.20(selling).
It closed at Rs 155(buying) and Rs 155.10(selling).
The buying and selling rates of one tola of gold were Rs 84,400 (selling) and Rs 84,200 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.
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