The dollar showed its muscles against the rupee on Monday as the national currency came under presses after crossing 91 level due to strong demand by importers to clear bills for oil, marketmen said. They said that the banks sold nearly 70-80 million dollars. During the last week, the rupee traded in the narrow range due to obvious reason, other money experts said adding that dollar was in demand as the currency markets and banks will be closed for the May Day holiday on Tuesday.
In the absences of proper inflow of dollars, the rupee may hit low at 91.30 as current fiscal year is near to close, they said. According to the State Bank of Pakistan (SBP) country's current account deficit widened to a provisional 3.089 billion dollars in the first nine months of the 2011/12 fiscal year, compared with 10 million dollars over the same period in the previous year. Dearth of dollars like situation prevailed on the money market, as payments are higher because international oil prices remained above 119 dollars a barrel on Monday, pushing up import payments.
The only factor which supported the rupee is healthier trend in remittances, which rose by 21.45 percent to 9.73 billion dollars in the first nine months of the 2011-12 fiscal year, compared with 8.02 billion dollars in the same period last year. In March, remittances totalled 1.14 billion dollars.
INTERBANK MARKET: As a result of higher demand for dollar, the rupee lost 16 paisa in terms of the US currency for buying and selling at 91.04 and 91.08, they said.
OPEN MARKET RATES: In the open market, the rupee did not show any change retaining weekend's levels versus dollar for buying and selling at 91.30 and 91.50, they said. The rupee slipped by 17 paisa in relation to euro for buying at Rs 120.50 and lost 67 paisa for selling Rs 121.50, they said.
Reuters adds: In the first Asian trade, dollar hit a fresh two-month low versus yen and eight-month trough against sterling, staying under pressure after data last week showed disappointing first-quarter US economic growth. The dollar fell to 80.08 yen at one point on trading platform EBS, its lowest level since late February, and last stood at 80.14 yen, down 0.2 percent from late US trade on Friday. The Indian rupee fell to 52.73/74 to dollar against 52.54/55 on Friday. Inter bank buy/sell rates for taka against dollar on Monday: 81.86-81.90 (previous 81.87-81.90) Call Money Rates: 7.75-15.00 percent (previous 7.75-14.00 percent).
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Open Buying Rs 91.30
Open Selling Rs.91.50
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday.
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Buying Rs.91.04
Selling Rs.91.08
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RUPEE IN LAHORE: The dollar-rupee parity remained unchanged at the open currency markets of Lahore on Monday.
The dollar opened at Rs 91.40 and Rs 91.60 on buying and selling counters, respectively, against Rs 91.35 and Rs 91.55 of Saturday. In the wake of lackluster conditions, the dollar was closed at Rs 91.35 and Rs 91.55 as its buying and selling rates, respectively.
Likewise, Pound Sterling-rupee parity remained unchanged. The British pound was purchased and sold at Rs 147.70 and Rs 148.20, respectively, as against same rate of Saturday, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar showed an improvement of 10 paisa against the rupee on the local currency markets of Islamabad and Rawalpindi here on Monday.
The dollar opened at Rs 91.1 (buying) and Rs 91.2 (selling) against last rate of Rs 91 (buying) and Rs 91.1 (selling). It did not observe any change in the second session and closed at Rs 91.1 (buying) and Rs 91.2 (selling).
Pound Sterling opened at Rs 146 (buying) and Rs 147 (selling) against same previous rate. British currency did not observe further change in the last trading hours and closed at Rs 146 (buying) and Rs 147 (selling).
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