The rupee extended winning ground against the dollar on the money market on Thursday in the process of trading, dealers said. Since the week started, the rupee is on upward march versus the dollar as a result of the State Bank of Pakistan (SBP) move, in which the bank has exempted money changes from surrendering a certain percentage of imported dollars to banks, currency viewers observed.
In the fourth Asian trade, the dollar inched up against the yen and kept broad gains against other major peers, after rebounding sharply overnight on comments by Federal Reserve Janet Yellen suggesting US interest rates could be raised quickly this year.
The dollar's rise, however, was tempered as traders were cautious ahead of US President-elect Donald Trump's inauguration on Friday. It added 0.1 percent to 114.760 yen. The US currency rallied nearly two percent the previous day, when it pulled ahead from a seven-week low of 112.570 and snapped a seven-day losing streak.
The pound, which had jumped three percent on Tuesday to vault above $1.2400 following British Prime Minister Theresa May's Brexit speech, lost more than 1 percent overnight and last traded at $1.2265. The euro was little changed at $1.0628 after falling 0.8 percent the previous day.
The dollar was trading against the Indian rupee at Rs 68.22, the greenback was at 4.4495 in terms of the Malaysian ringgit and the US currency was at 6.8555 in relation to the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Thursday: 78.95-78.95 (previous 78.93-78.95).
At the same time, the rupee also appreciated by Re one against the euro for buying and selling at Rs 114.00 and Rs 115.50 respectively, they said.
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Open Bid Rs.107.80
Open Offer Rs.108.00
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Bid Rate Rs.104.84
Offer Rate Rs.104.85
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According to currency dealers, the US dollar resumed trading on a depressed note and remained under selling pressure during the day's trading session.
As a result, it lost its worth to Rs 107.70 and Rs 108.30 on buying and selling sides, respectively, as compared to the overnight closing rates of Rs 108.20 and Rs 108.60, respectively, they added.
Versus the pound sterling, the local currency followed the same pattern as it recovered its earlier losses.
The pound's buying and selling rates declined from the Wednesday's closing rates of Rs 132.00 and Rs 133.30 to Rs 131.80 and Rs 132.60, respectively, they said.
The dollar opened at Rs 108.30 (buying) and Rs 108.40 (selling) against same last rate. At the end of second session, the dollar closed at the same level.
Pound Sterling opened at Rs 130 (buying) and Rs 131.50 (selling). It did not observe further change in the second session and closed at Rs 130 (buying) and Rs 131.50 (selling).