Bearish sentiment was seen on the currency market on Monday as the rupee fell against dollar and euro, dealers said. To clear the payments, importers' rush for dollar buying increased before the end of out-going fiscal year, money experts said.
In the meantime, it was observed that the rupee resisted steep decline in terms of the US currency, they added. Other analysts were of the view that poor law and order situation, falling trend in the Foreign Direct Investment (FDI) and in the absence of positive developments of fundamental may cause short supply of dollars.
Only, inflows in shape of remittances cant help in maintaining the country's foreign exchange reserves firm and this factor may cause weakness of the rupee in near future, they added.
INTERBANK MARKET RATES: The rupee failed to recover its losses versus dollar, losing 14 paisa for buying at 85.34 and shed 13 paisa for selling at 85.38, they added. In the first Asian trade euro slid to a six-week low against dollar and a two-month trough against the Japanese yen and is seen testing pivotal support areas after IMF chief Dominique Strauss-Kahn was charged with sexual assault on the weekend, increasing uncertainty on aid for Greece and other indebted euro zone countries.
The shocking news on Strauss-Kahn, who had been seen as a front runner to be France's next president, soured investor risk appetite, which had already been strained by a rout in various commodities and falls in share prices in the past two weeks. Indian rupee was trading at Rs 44.86 versus dollar and Malaysian ringgit as available at 3.0370 in terms of the US currency.
OPEN MARKET RATES: The rupee drifted lower in terms of dollar, falling 35 paisa for buying and selling at 85.50 and85.65, they added. The rupee could not retain its riding over euro, slipping Rs 1.11 for buying and selling at Rs 120.80 and Rs 121.30, they said.
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Open Buying Rs 85.50
Open Selling Rs 85.65
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday.
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Buying Rs 85.34
Selling Rs.85.38
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RUPEE IN LAHORE: The rupee lost 20 paisa on buying side and 25 paisa on selling side in relation to dollar at Lahore currency market on Monday.
According to dealers, the dollar showed strength and closed at Rs 85.45 and Rs 85.65 as buying and selling rates against last week's Rs 85.25 and Rs 85.40 respectively.
However, the rupee remained unchanged on buying side against pound sterling while it declined on selling side. The pound was purchased and sold at Rs 138.80 and Rs 139.50 as compared to previous closing of Rs 138.80 and Rs 139.20, dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained unchanged against rupee at the currency markets of Islamabad and Rawalpindi on Monday.
The dollar resumed trading at Rs 84.40 (buying) and Rs 85.00 (selling) against same last rates. It did not observe further change in the evening session and closed at Rs 84.40 (buying) and Rs 85.00 (selling).
Pound sterling opened at Rs 136.50 (buying) and Rs 137.50 (selling) against same previous rates. It did not witness any change in the evening session and closed at Rs 136.50 (buying) and Rs 137.50 (selling).
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