Bearish sentiment was seen in the interbank market on Monday as the rupee lost eight paisa against dollar for buying and selling at Rs 60.56 and Rs 60.57, dealers said. The dollar supply was tight due to international market closure, they said adding it is expected that the rupee may recover its lost ground as supply improves.
The rupee value against the dollar and the euro in the open market was not received as almost all commercial centres remained close due to general strike in the port city. In the global markets, the dollar slipped on Monday, pulling further away from a one-month high hit against the euro late last week as investors shifted funds to higher-yielding currencies following robust New Zealand consumer spending data.
The yen edged up against the dollar after data showing Japan's current account surplus soared 36.9 percent in March to a record 3.3172 trillion yen ($27.60 billion) and wholesale prices rose more than expected in April, keeping the Bank of Japan on track for a rate increase later this year. "The price data was very surprising. This was enough to fuel concerns that the BOJ may hike rates earlier than expected," said Tomoko Fujii, a senior economist and strategist at Bank of America in Tokyo.
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Buying Rs 60.60
Selling Rs 60.70
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Monday.
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Buying Rs 60.56
Selling Rs 60.57
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RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi on Monday.
The market resumed trading at Rs 60.60 (buying) and Rs 60.70 (selling) against same last rate. Ever-favorite greenback did not observe any change in the second session and closed at Rs 60.60 (buying) and Rs 60.70 (selling).
Pound Sterling opened at Rs 120.50 (buying) and Rs 120.70 (selling) against same last rate. British currency remained firm against the dollar in both morning-evening sessions and closed at Rs 120.50 (buying) and Rs 120.70 (selling).
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