All kind of political and economic instability in the country provided the dollar an opportunity to hold the commanding position against the rupee on the currency market on Monday, money experts said. On the interbank market, the rupee crossed 98 mark and on the open market, the national currency hit a record low at 99 in the absence of any rescue measure by the government.
Prevailing situation on the currency market looking like that the sky is the limit, they said, adding that the dollar is still in an aggressive mood, may jump the new barrier of 100 very soon.
INTERBANK MARKET RATES: The rupee dropped by 49 paisa against the dollar for buying at 98.14 and it also shed 48 paisa for selling at 98.18, they said.
OPEN MARKET RATES: The rupee adopted the same path as it lost 60 paisa in relation to the dollar for buying and selling at 99.00 and 99.20, they said and added the rupee also shed 40 paisa versus the euro for buying and selling at Rs 129.30 and Rs 130.30, they said.
In the first Asian trade, the yen slumped to its lowest in over a year-and-a-half against the US dollar on Monday as part of a broad skid after Japan's conservative Liberal Democratic Party (LDP), which is committed to aggressive monetary easing, won a landslide victory. The LDP surged back to power in Sunday's election, giving ex-Prime Minister Shinzo Abe another chance to take the helm. The LDP and its ally - the New Komeito Party - secured the two thirds majority needed to overrule parliament's upper house, meaning the new government has a greater chance of pushing though its policies.
The dollar was trading against the Indian rupee at Rs 54.71. The greenback was available at 3.0555 in terms of the Malaysian ringgit, and the greenback was at 6.23822 in terms of the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Monday: 80.25-80.36 (previous 80.45-80.50). Call Money Rates: 10.00-10.00 percent (previous 7.05-12.00 percent).
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Open Buying Rs 99.00
Open Selling Rs.99.20
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday.
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Bid Rate Rs.98.14
Offer Rate Rs.98.18
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RUPEE IN LAHORE: The Pak rupee showed stability and remained unchanged on buying side at Rs 98.80, while it lost 10-paisa on selling side against the US dollar on the local currency market on Monday.
According to the currency dealers, the dollar resumed trading at its last week closing of Rs 98.80 and Rs 99.20 as its buying and selling rates, respectively.
The dollar witnessed no change in its buying rate that stayed unchanged at Rs 98.80, while its selling rate was moved up from Rs 99.20 to Rs 99.30.
The rupee remained under pressure and was depreciated against the pound sterling. The pound's buying and selling rates were improved from last Saturday closing of Rs 158.50 and Rs 159.00 to Rs 158.80 and Rs 159.80, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee witnessed a major jump of Rs 1.5 against the dollar at the open currency markets of Islamabad and Rawalpindi here on Monday.
The dollar opened at Rs 99.50 for buying and Rs 99.60 for selling against last week's rate of Rs 98 for buying and Rs 98.10 for selling. It did not observe further change in the evening session and closed at Rs 99.50 for buying and Rs 99.60 for selling. Pound Sterling opened at Rs 158.50 for buying and Rs 158.60 and selling against same last rate. It did not observe further change in the second session and closed at Rs 158.50 (buying) and Rs 158.60 (selling).
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