The rupee managed to halt more erosion in its value against the dollar in the currency market on Wednesday, money experts said. But some analysts said the rupee may not be able to resist its fall due to strong demand for dollars to meet payments. They were of the opinion that national currency's slide looks very difficult but if it crosses 98 barrier, it means, it likely to fall sharply in terms of the dollar.
To ease supply of dollar, according to the International Monetary Fund (IMF), the government should increase the tax revenue from non-tax payers, then the Fund will reschedule current loan. Commenting on the devaluation of the rupee, other economists said that if the rupee continues its downward journey, then it will not be a difficult task for the vulnerable rupee to cross the new record low levels versus the dollar.
Some currency experts were of the view that despite having a lot of treasures in shape of natural resources, Pakistan takes loans and aids to improve economic and political conditions in the country. Contrary to this, the government should utilise its own resources instead of taking loans, which becomes burden, if not paid on time, currency analysts observed.
INTERBANK MARKET RATES: The rupee came out from weak spells, recovering five paisa against the dollar for buying at 97.20 and it gained eight paisa for selling at 97.22, they said.
OPEN MARKET RATES: The rupee, however, shed five paisa in terms of the dollar for buying and selling at 97.60 and 97.80, they said. The rupee also lost 80 paisa versus the euro for buying and selling at Rs 126.50 and Rs 127.50, they said.
In the third Asian trade, the dollar wallowed at three-month lows against the Australian currency and remained broadly under pressure as markets geared up for more stimulus from the Federal Reserve. The dollar index fell 0.3 percent to 80.061 as the euro popped back above $1.3000, pulling away from a two-week low around $1.2876 plumbed Friday. The single currency was last at $1.30030, having retraced 50 percent of its December 5-7 fall from $1.3127 to $1.2876.
The dollar was trading against the Indian rupee at Rs 54.26, the greenback was at 3.0530 in terms of the Malaysian ringgit and the US currency was at 6.2379 in relation to the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Wednesday: 80.60-80.65 (previous 80.80-80.80). Call Money Rates: 07.75-08.00 percent (previous 07.00-08.75 percent).
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Open Buying Rs 97.60
Open Selling Rs.97.80
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
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Bid Rate Rs.97.20
Offer Rate Rs.97.22
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RUPEE IN LAHORE: The Pak rupee continued downward move for the third consecutive day and was further depreciated against both the major currencies ie dollar and the pound sterling on the local currency market on Wednesday.
The dollar resumed trading on a healthy sign and kept on sliding up throughout the day. As a result, the dollar was closed further higher at Rs 97.70 and Rs 98.00 on buying and selling side against the overnight closing of Rs 97.60 and Rs 97.85, respectively, the currency dealers said.
Likewise, the rupee remained under pressure and was declined against the pound sterling. The pound was traded at Rs 156.30 and Rs 157.00 on buying and selling counters as compared to Tuesday closing of Rs 155.80 and Rs 156.30 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar on the open currency markets of Islamabad and Rawalpindi here on Wednesday. The dollar opened at Rs 97.3 (buying) and Rs 97.4 (selling) against same last rate. It did not observe further change in the evening session and closed at Rs 97.3 (buying) and Rs 97.4 (selling). Pound Sterling opened at Rs 155.5 (buying) and Rs 156.5 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 155.5 (buying) and Rs 156.5 (selling).
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