As a result of strong demand for dollars the US currency hit nearly five-month high at 91.30 in the interbank market on Monday, experts said.0 There were major payments due during the final quarter of the current fiscal year, this was the major factor behind the fall of the rupee, money experts said.
On the other hand foreign exchange reserves are depleting, the State Bank of Pakistan (SBP), it is said, did dollar buying from the interbank market. The amount could be above 50 million dollars and it is most likely that the rupee may breach the level of 91.70 in the near future, they added.
INTERBANK MARKET: The rupee lost 37 paisa in relation to dollar for buying at 91.30 and dropped by 38 paisa for selling at 91.35, they said.
OPEN MARKET RATES: The rupee shed 10 paisa against dollar for buying and selling at 92.10 and 92.30, they said. The rupee, however, gained 10 paisa versus euro for buying and selling at Rs 117.40 and Rs 118.40, they said.
According to the Reuters, in the first Asian trade, euro extended its rebound from last week's four-month low but investors remained concerned over financial turmoil in Greece and Spain, drawing little comfort from a broad G8 pledge to take steps to fight the euro zone's debt crisis.
The common currency rose on short-covering after speculators piled up a record amount of bets against it, according to data from a US financial watchdog released late last week. Interbank buy/sell rates for taka against dollar on Monday: 81.84-81.85 (previous 81.84-81.85) Call Money Rates: 9.00-15.00 percent (previous 9.00-15.00 percent). The yuan edged higher against dollar on Monday on short-covering triggered by the euro's gains, with a stronger midpoint set by the central bank also boosting sentiment, traders said.
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Open Buying Rs 92.00
Open Selling Rs 92.20
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday.
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Buying Rs 91.30
Selling Rs 91.35
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RUPEE IN LAHORE: The Pak rupee was opened on a depressed note and was declined by 10-paisa for buying and selling in relation to the greenback in the local currency market on Monday. According to the currency dealers, the dollar gained strength on fresh buying, which helped its appreciation in the open market. At the end of trading, the dollar was closed higher at Rs 92.00 and Rs 92.30 as its buying and selling rates against the last Saturday closing of Rs 91.90 and Rs 92.10, respectively.
However, the rupee showed stability and remained unchanged on buying side while it lost 20-paisa on selling side against the pound sterling. The pound was traded at Rs 145.60 and Rs 146.50 on buying and selling counters as compared to last week closing of Rs 145.60 and Rs 146.30, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged at the local currency exchange establishments 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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