The dollar maintained its upward trend against the rupee on the currency market on Monday in process of trading, dealers said. Not in very surprising way, dollar is surging, it is understood that the shortage of greenback will make it strong, exporters said.
INTERBANK MARKET: The rupee extended its fall against dollar, losing 17 paisa for buying at 94.35 and droping by 16 paisa for selling at 94.38, they said.
OPEN MARKET RATES: The rupee followed the same pattern in terms of dollar, losing 25 paisa more for buying at 95.40 and lost 35 paisa for selling at 95.70, they said. The rupee also fell against euro, losing 70 paisa for buying and selling at Rs 119.20 and Rs 120.20, they added.
According to the Reuters: In the first Asian trade, the euro was poised for its biggest daily rally against dollar in almost eight months on Monday, after Spain secured help for its debt-stricken banks and as Chinese economic data was not as bad as the market had feared.
The euro zone decided to lend its fourth-largest economy up to 100 billion euros ($125 billion) to reassure investors and prevent the threat of a bank run in case Greece's crisis heats up again after elections this coming weekend.
This saw euro spike almost one percent to $1.2635, pulling away from a near two-year low of $1.2288 hit earlier this month. Early in the session, it rose as high as $1.2672 on stop-loss buying, hitting its highest level since May 23.
The Indian rupee fell to a near one-week low on Monday after Standard & Poor's warned the country may be the first to lose its investment-grade rating among BRIC nations, adding to worries about India's fiscal and economic outlooks. The partially convertible rupee closed at 55.74/75 per dollar as per SBI data, weaker than Friday's close of 55.42/43. It fell to 55.82 at one point in trade, its lowest since June 5. The rupee had tumbled in May, hitting a series of record lows against dollar as the steep global risk aversion exacerbated concerns about India's economic and fiscal outlooks. Spot yuan closed at 6.3694, 0.83 percent weaker than the central bank's midpoint of 6.3169, surpassing the divergence seen on Friday. But the closing level still placed the yuan 11 pips stronger than Friday's close. Interbank buy/sell rates for taka against dollar on Monday: 81.93-81.95 (previous 81.92-81.95) Call Money Rates: 9.25-15.00 percent (previous 9.25-15.00 percent)
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Buying Rs 94.35
Selling Rs 94.38
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Open Market Rates: Open Market Rates for Dollar on Tuesday.
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Open Buying Rs 95.40
Open Selling Rs 95.70
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RUPEE IN LAHORE: The Pak rupee remained under pressure against the major currencies in the local currency market on Monday, dealers said. The dollar gained 40 paisa against the rupee for buying at Rs 95.80 and it picked up 20-paisa for selling at Rs 96.20, they said. Similarly, the rupee depreciated against the pound sterling at Rs 147.00 and Rs 147.50 for buying and selling, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar-rupee parity remained unchanged at the local currency shops of Islamabad and Rawalpindi here on Monday. The dollar opened at Rs 93.50 (buying) and Rs 93.60 (selling) against same last rate. It closed at Rs 93.50 (buying) and Rs 93.60 (selling).
Pound Sterling opened at Rs 145 (buying) and Rs 146 (selling) against same last rate. It did not observe further change in the last trading hours and closed at Rs 145 ((buying) and Rs 146 (selling).
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