Differences between the interbank and open markets narrowed after payment to the International Monetary Fund (IMF), dealers said on the currency market on Thursday. Exchange Companies Association of Pakistan (ECAP), Chief Malik Bostan, commenting on the present appreciation in the value of the rupee, said that as the IMF payment completed.
The rupee recovered significantly against the dollar and present trend may continue in days to come. Secondly, confusions are near to end over the uncertainties about the setup of caretaker government and it is understood that during elections the country to receive different funds for campaign, which will improve supply of dollars.
Furthermore, he said that stern and cautionary measures by the State Bank of Pakistan (SBP) against the fake and money-minting money changers also a solid factor, which definitely stabilised the national currency, because for the last one and a half month, the rupee was trading at 99.00 and 99.25.
After the fresh slide in dollars' value, it looks that interest by the general public may come down, which will also ease supply of dollars, the people who were not able to purchase gold for investment purpose due to high cost, buying dollars as a safe-haven but this trend may not continue for a long-time, because if elections occurred on time, it will also boost the rupee to recover further against the dollar, other experts said.
INTERBANK MARKET RATES: The rupee fell marginally in relation to the dollar for buying at Rs 98.40 and it also inched up by two paisa for selling rs 98.43, they added. In the euro stayed near a four-month low against the dollar on Wednesday as fears about the currency bloc's financial stability festered in the wake of the Cyprus rescue deal, while the yen dropped on stronger hopes for bond buying by the Bank of Japan. The euro dropped 0.1 percent to $1.2849, not far from the four-month low of $1.2828 hit on Tuesday.
In the fourth Asian trade, the euro languished at four-month lows, after a rise in Italy's funding costs delivered an extra blow for the currency already suffering from ramifications of the rescue deal for Cyprus. The yen gained slightly followed a period of weakening due to expectations - now heavily priced in - of aggressive monetary easing by the Bank of Japan at new governor Haruhiko Kuroda's first policy review on April 3-4.
The dollar was trading against the Indian rupee at Rs 54.34, the US currency was available at 3.0970 versus the Malaysian ringgit and the greenback was at 3.0990 in relation to the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Thursday: 78.1700-78.2050 (78.20-78.22). Call Money Rates: 07.00-07.25 percent (previous 06.00-07.50 percent.
OPEN MARKET RATES: After maintaining a firm trend versus the dollar, the rupee managed to react positively, picking up 15 paisa for buying and selling at Rs 98.85 and Rs 99.10, they said. The rupee followed same trend against the euro, rising 25 paisa for buying and selling at Rs 126.00 and Rs 126.25, they added.
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Open Bid Rs 98.85
Open Offer Rs.99.10
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday.
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Bid Rate Rs.98.40
Offer Rate Rs.98.43
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RUPEE IN LAHORE: The Pak rupee appreciated against the US dollar for the second day on the local currency market on Thursday.
According to the currency dealers, the dollar remained under selling pressure and was declined to Rs 98.80 and Rs 99.20 on buying and selling side against the Wednesday closing of Rs 99.00 and Rs 99.25, respectively. However, the rupee remained weak and was declined on buying side while it gained strength on selling side in relation to the pound sterling. The pound was traded at Rs 148.50 and Rs 149.30 compared with overnight closing of Rs 147.50 and Rs 150.00, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi here on Thursday. The dollar opened at Rs 99.20 (buying) and Rs 99.30 (selling) against same last rate. It closed on same period of Rs 99.20 (buying) and Rs 99.30 (selling) by the end of evening session. Pound Sterling opened at Rs 154 (buying) and Rs 155 (selling) against same last rate. It closed at the same rate without further change in the evening session.
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