The rupee recovered modestly against the dollar on the money market on Monday in the process of trading, dealers said. The rupee traded in a narrow range versus the dollar for buying and selling at Rs 104.81 and Rs 104.82 respectively.
INTERBANK MARKET RATES: In the first Asian trade, the dollar started the week on the back foot, after US data showed a smaller-than-expected rise in wages in January that reinforced expectations the Federal Reserve will refrain from raising interest rates next month. The dollar index, which tracks the greenback against a basket of six major rivals, drooped 0.2 percent to 99.688, moving back toward last Thursday's low of 99.233, which was its weakest since mid-November.
The US currency slipped 0.2 percent against the yen from Friday's late North American levels to 112.36 yen, retreating toward last week's late-November low of 112.05. While the headline figure of Friday's non-farm payrolls report for January showed a greater-than-expected rise in job growth, the unemployment rate edged up and wage growth was disappointing. That implied inflation would not attain a pace that would prompt the US central bank to raise interest rates soon.
Fed fund futures priced in a less than 10 percent chance of a rate hike in March after the jobs data on Friday, according to the CME Group's FedWatch. The chance of a June increase was seen at more than 60 percent. The dollar was trading against the Indian rupee at Rs 67.21, the greenback was available at 4.4220 in terms of the Malaysian ringgit and the US currency was at 6.8585 versus the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Monday: 79.14-79.15 (previous 79.15-79.15).
OPEN MARKET RATES: The rupee recovered 10 paisas in relation to the dollar for buying and selling at Rs 107.60 and Rs 107.80 respectively, they said. The rupee managed to gain 45 paisas in terms of the euro for buying and selling at Rs 115.75 and Rs 117.25 respectively, they said.
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Open Bid Rs.107.60
Open Offer Rs.107.80
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday.
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Bid Rate Rs.104.81
Offer Rate Rs.104.82
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RUPEE IN LAHORE: The Pakistani rupee showed strength as it recovered its earlier losses versus the greenback in the local currency market here on Monday.
According to currency dealers, the greenback resumed trading on a negative note and kept on declining during the day's trading session.
At the close, it slid to Rs 107.50 and Rs 107.90 on buying and selling sides as compared to the Saturday's closing rates of Rs 107.70 and Rs 108.00, respectively, they added.
Furthermore, the local currency showed mixed pattern as it moved both ways against the pound sterling.
The British currency was bought and sold at Rs 133.50 and Rs 134.90 against the last week's closing rates of Rs 134.00 and Rs 134.80, respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee gained strength against the dollar at the open currency markets of Islamabad and Rawalpindi here on Monday.
The dollar opened at Rs 108.10 (buying) and Rs 108.20 (selling) against last rate of Rs 108.30 (buying) and Rs 108.40 (selling). Dollar closed at Rs 108.10 (buying) and Rs 108.20 (selling).
Pound Sterling opened at Rs 130 (buying) and Rs 131.50 (selling). It closed at Rs 130 (buying) and Rs 131.50 (selling).
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