THE RUPEE: modest recovery

The rupee managed to recover against the dollar on the money market on Monday in the process of trading, dealers said. The rupee inched up by two-paisa in relation to the dollar for buying and selling at Rs 104.36 and Rs 104.38 respectively, they said.
INTERBANK MARKET RATES: OPEN MARKET RATES: The rupee after maintaining a stable trend for a long-time in relation to the dollar, managed to gain 20-paisa for buying and selling at Rs 104.10 and Rs 104.30 respectively. It also picked up one rupee versus the euro for buying and selling at Rs 115.50 and Rs 116.50, they added.
In the first Asian trade, the dollar sagged versus the yen and euro but held above its recent lows as markets weighed if major central banks might ease policy after the Federal Reserve last week delayed a long-anticipated hike in US interest rates. Against a basket of six major currencies, the dollar last traded at 95.053, well above Friday's low of 94.063, its lowest level since Aug 26. The euro edged up 0.2 percent to $1.1321, but remained below Friday's peak of $1.1460.
The dollar was trading against the Indian rupee at Rs 65.78, the greenback was at 4.2580 in terms of the Malaysian ringgit and the US currency was available at 6.3687 against the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Monday: 77.80-77.80 (previous 77.80-77.80). Call Money Rates: 05.25-06.50 percent (Previous 05.25-06.50 percent).

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Open Bid       Rs.104.10

Open Offer     Rs.104.30

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Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday.

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Bid Rate       Rs.104.36

Offer Rate     Rs.104.38

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RUPEE IN LAHORE: The local currency showed recovery against the greenback and the pound sterling at the open currency markets of Lahore on Monday.
Currency dealers said the dollar resumed trading at Rs. 104.45 and Rs. 104.60 on buying and selling counters, respectively. In the absence of fresh buying activity, the greenback lost its worth and was closed at Rs. 104.25 and Rs. 104.50 on the buying and selling sides, respectively, as against Rs. 104.40 and Rs. 104.55 on Saturday. Moreover, the pound sterling was purchased and sold at Rs. 159.30 and Rs. 160 as against Rs. 160.20 and Rs. 160.70 on Saturday, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained firm against the rupee at the open currency markets of Islamabad and Rawalpindi here on Monday.
The dollar opened at Rs 104 (buying) and Rs 104.25 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 104 (buying) and Rs 104.25 (selling). Pound Sterling opened at Rs 161 (buying) and Rs 161.50 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 161 (buying) and Rs 161.50 (selling).
Copyright Business Recorder, 2015