Payment to the International Monetary Fund (IMF) and sharp fall in the gold rates caused panic buying of dollar on local currency market on Thursday, dealers said. Some experts said that big payment to the IMF at the month-end and steep fall in the gold prices propelled investors to shift their position from gold to dollar, besides, during the summer vacations people visit foreign countries to spend summer holidays and purchased dollars to meet their requirements which pushed the rupee to surrender its firmness versus the dollar. One of the major factors that Pakistan was hoping for five billion dollars loan from IMF could be a reason behind that slide, they added.
INTERBANK MARKET RATES: The rupee dropped 20 paisa against the greenback for buying and selling at Rs 98.85 and Rs 98.87 respectively, they said. On the local market, gold Tezabi per 10 gram was trading at Rs 43,285 against the Wednesday's value at Rs 44,828, depicting a sharp fall of Rs 1,523 in a single day slide, dealers said.
On Thursday, on the foreign market, gold plunged to its lowest in more than 2-1/2 years, with investors exiting in droves after the US Federal Reserve gave its most explicit signal yet that it plans to bring the era of easy money to an end. Fed Chairman Ben Bernanke said on Wednesday the US economy was expanding strongly enough for the central bank to begin slowing the pace of its bond-buying stimulus later this year. The US dollar rose broadly on Thursday as global asset markets underwent sharp adjustments in the wake of confirmation by the Federal Reserve that it would begin to dial down stimulus this year as the economic outlook improves. The dollar was trading against the Indian Rupee at 58.71, the greenback was available versus the Malaysian Ringgit at 3.1950 and greenback was at 6.1310 in terms of Chinese yuan.
Interbank buy/sell rates for the taka against the dollar on Thursday:77.75-77.76 (77.75-77.77). Call Money Rates: 05.25-07.50 percent (previous 05.25-07.50 percent).
OPEN MARKET RATES: The rupee crossed the barrier of 100, shedding 15 paisa against the dollar for buying and selling at Rs 99.90 and Rs 100.10, they said. The rupee, however, gained Re 1 in terms of the euro for buying at Rs 132.00 and Rs 132.25, they said.
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Open Bid Rs 99.90
Open Offer Rs 100.10
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday.
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Bid Rate Rs.98.85
Offer Rate Rs.98.87
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RUPEE IN LAHORE: The Pak rupee remained under pressure and was significantly down by 20 paisa on buying side (Rs 100.00) and 50-paisa on selling side (Rs 100.50) on the local currency market on Thursday.
According to the currency dealers, following sudden decline in the gold price in the international markets, the dollar registered sharp gain and was slide up from overnight closing of Rs 99.80 and Rs 100.00 to Rs 100.00 and Rs 100.50 on buying and selling sides, respectively.
On the contrary, the national currency staged recovery and was improved against the pound sterling. The pound's buying and selling rates were declined from Wednesday closing of Rs 155.50 and Rs 156.00 to Rs 154.40 and Rs 155.00, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged on the open currency markets of Islamabad and Rawalpindi here on Thursday.
The dollar opened at Rs 99.40 for buying and Rs 99.60 for selling against last rate. It did not observe further change in the second session and closed at Rs 99.40 for buying and Rs 99.60 for selling. Pound Sterling opened at Rs 151.70 for buying and Rs 155 for selling against same last rate. It closed at the same rate without further change by the end of evening session.
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