Technical correction and absence of major payments, encouraged the rupee to recover with handsome gains against dollar in the currency market on Monday, dealers said. Money experts said actually this was the technical correction because dollar went up on the back of rupee's weakness, the rupee was in hot water due to huge payments, hitting the high level at 94.55 some time ago.
INTERBANK MARKET: The rupee maintained recovery against dollar, gaining 35 paisa for buying at 94.00 and it picked up 32 paisa for selling at 94.05, they said.
OPEN MARKET RATES: In line with the interbank trend the rupee extended its appreciation against dollar, rising 60 paisa for buying at 95.40 and gaining 40 paisa for selling at 95.90, they said. The rupee adopted the same pattern in terms of euro, picking up 50 paisa for buying and selling at Rs 119.50 and Rs 120.50, they added.
According to the Reuters: In the first Asian trade euro briefly hit a one-month high against the US dollar after Greek parties supporting a bailout won a slim parliamentary majority, allaying fear of an immediate break-up of the currency bloc.
Inter bank buy/sell rates for taka against dollar on Monday: 81.79-81.85 (previous 81.80-81.85) Call Money Rates: 9.50-15.00 percent (previous 9.50-15.00 percent). The yuan closed up against dollar, trading at its highest since May 30, buoyed by a rebound in the euro after pro-bailout parties in Greece won a slim parliamentary majority, allaying concerns of a messy Greek exit from the euro zone. Spot yuan closed at 6.3570 per dollar, up from 6.3651 at Friday's close and only 70 pips away from its opening price.
The Indian rupee dropped to its lowest in nearly a week after the central bank kept the key interest rate and the cash reserve ratio unchanged, with a Fitch downgrade of the country's sovereign outlook also hurting. The rupee fell to as low as 56.04 to the dollar late in the session, and traders fear the currency could approach the record lows of 56.52 hit on May 31, should confidence in the domestic economy deteriorate, or if the global risk environment worsens.
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Buying Rs 94.00
Selling Rs 94.05
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Open Market Rates: Open Market Rates for Dollar on Monday.
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Open Buying Rs.95.40
Open Selling Rs.95.90
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RUPEE IN LAHORE: The Pak rupee showed strength and was improved by 50-paisa on buying side and 65-paisa on selling side in relation to the greenback on the local currency market on Monday.
According to the currency dealers, the dollar resumed trading on a depressed note and could not sustain in the absence of buying support. At the end of trading, the dollar was closed at Rs 95.4 and Rs 95.75 as its buying and selling rates against the last Friday closing of Rs 95.9 and Rs 96.4, the dealers said.
Similarly, the rupee regained some of its earlier loss and was appreciated against the British pound. The pound was purchased and sold at Rs 148 and Rs 149 as compared to last week closing of Rs 148.1 and Rs 149.3, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged at the open currency markets of Islamabad and Rawalpindi here on Monday.
The dollar opened at Rs 96.20 (buying) and Rs 96.40 (selling) against last rate of Rs 96 (buying) and Rs 96.20 (selling). It did not observe further change in the evening session and closed at Rs 96.20 (buying) and Rs 96.40 (selling).
Pound Sterling opened at Rs 147 (buying) and Rs 147.50 (selling) against same last rate. It did not observe further change in the evening session and closed at Rs 147 (buying) and Rs 147.50 (selling).
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