Marginal changes were seen in the value of the rupee on the local currency market on Tuesday amid persisting demand for dollars, dealers said. There were modest changes in the rupee-dollar parity rates, but the rupee had breached the barrier of 100 on the open market ahead of major payments in May, money experts said.
Commenting on the strong demand for dollars, some experts said that the deteriorating law and situation, severe power crisis in most parts of industrial hubs across country and fast approaching elections on May 11 were keeping business and trade in uncertainties because of hovering fears about the outcome of polls result.
OPEN MARKET RATES: The rupee crossed the barrier of 100 versus the dollar but at close, the national currency shed 10 paisa for buying at Rs 99.80 and the rupee came down with a loss of five paisa for selling at Rs 99.95, they said. While, the rupee slipped by five paisa against the euro for buying and selling at Rs 130.25 and Rs 130.50, they said.
INTERBANK MARKET RATES: The rupee, however, gained modestly in terms of the greenback, picking up two paisa for buying and selling at Rs 98.46 and Rs 98.48, currency experts said.
In the second Asian trade, the euro fell, hurt by slowing consumer demand in Germany, although losses are likely to be limited by expectations the Federal Reserve's ultra-loose policy will be maintained and weigh on the dollar.
German retail sales fell for the second month running in March, confounding forecasts of a rise. Coming a day after April inflation in the eurozone's largest economy hit its lowest in more than two years, the numbers bolstered expectations of a rate cut by the European Central Bank on Thursday.
The dollar was trading against the Indian rupee at Rs 54.24, the US currency was at 3.0340 in terms of the Malaysian ringgit and the greenback was at 6.165 in relation to the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Tuesday: 77.93-77.97 (77.93-77.94). Call Money Rates: 06.50-07.00 percent (previous 06.50-08.00 percent).
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Open Bid Rs 99.80
Open Offer Rs 99.95
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday.
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Bid Rate Rs 98.46
Offer Rate Rs 98.48
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RUPEE IN LAHORE: The Pak rupee failed to maintain upward slide and was declined by 30-paisa on buying side at Rs 100.10 and 50-paisa on selling side at Rs 100.50 in relation to the greenback on the local currency market on Tuesday.
According to the currencies dealers, the dollar commenced trading on a positive sign registered fresh gain. The dollar was traded at Rs 100.10 and Rs 100.50 on buying and selling counters against the overnight closing of Rs 99.80 and Rs 100.00, respectively, the dealers said.
On the contrary, the national currency showed strength and appreciated its worth against the British pound. The pound's buying and selling rates were declined from the day earlier closing of Rs 154.50 and Rs 155.00 to Rs 153.50 and Rs 154.50, respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar on the open currency markets of Islamabad and Rawalpindi here on Tuesday.
The dollar opened at Rs 99.20 for buying and Rs 99.30 for selling against same last rate. It closed on same period of Rs 99.20 for buying and Rs 99.30 for selling by the end of evening session.
Pound Sterling opened at Rs 154 for buying and Rs 155 for selling against same last rate. It closed at the same rate without further change in the evening session.
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