The rupee managed to resist sharp losses against the dollar on the money market on Tuesday, dealers said. Explaining the surge in dollar, experts said that forward buying for the dollars persisted amid pre-election sessions because of a king of anxiety among the public about the outcome of the result.
INTERBANK MARKET RATES: The rupee drifted lower against the dollar for buying at 98.38 and it also shed five paisa for selling at 98.40, experts said.
OPEN MARKET RATES: The rupee inched up five paisa versus the dollar for buying and selling at 99.45 and 99.65, they said. The rupee followed same trend against the euro, gaining 35 paisa for buying and selling at Rs 129.40 and Rs 129.65, they said.
In the second Asian trade, the Australian dollar slumped to a two-month trough after the Reserve Bank of Australia cut rates to a record low, while the euro remained capped as the common currency was unable to shake off dovish comments from the European Central Bank chief.
The dollar was trading against the Indian rupee at Rs 54.19, the US currency was available at 2.9780 in terms of the Malaysian ringgit and the greenback was at 6.1567 in relation to the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Tuesday: 77.90-77.93 (77.93-77.94). Call Money Rates: 06.50-07.00 percent (previous 06.50-07.50 percent).
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Open Bid Rs 99.45
Open Offer Rs 99.65
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday.
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Bid Rate Rs 98.38
Offer Rate Rs 98.40
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RUPEE IN LAHORE: The national currency showed stability on buying side and remained unchanged at Rs 99.60 on buying side while it was declined by 5-paisa on selling side at Rs 99.80 in relation to the greenback on the local currency market on Tuesday.
According to the currency dealers, the dollar resumed trading on a mixed note and witnessed no visible change in its worth during the day's trading. On close of trading, the dollar was ended at Rs 99.60 and Rs 99.80 on buying and selling side against Rs 99.60 and Rs 99.75 of Monday, respectively.
The rupee remained strong and was appreciated against the British pound. The pound's buying and selling rates were slide down from last day closing of Rs 153.60 and Rs 153.75 to Rs 153.10 and Rs 153.70, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar on the open currency markets of Islamabad and Rawalpindi here on Tuesday.
The dollar opened at Rs 99.20 for buying and Rs 99.30 for selling against same last rate. It closed on same period of Rs 99.20 for buying and Rs 99.30 for selling by the end of evening session. Pound Sterling opened at Rs 154 for buying and Rs 155 for selling against same last rate. It closed at the same rate without further change in the evening session.
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