Stable trend was witnessed on the money market on Tuesday as the rupee managed to move in a cautious way following the expectations for economic recovery, particularly law and order situation in the country after general election 2013, dealers said.
INTERBANK MARKET RATES: The rupee firmly held the overnight level against the dollar for buying and selling at 98.45 and 98.47, experts said.
OPEN MARKET RATES: While the rupee gained 10 paisa versus the dollar for buying and selling at Rs 99.65 and 99.85, they said. The rupee followed the same pattern in terms of the euro, rising 25 paisa for buying and selling at Rs 128.75 and Rs 129.00, they said.
In the second Asian trade, the dollar slipped from a five-week high against a basket of major currencies on Tuesday as market players locked in profits ahead of a series of US economic data that could determine whether the Federal Reserve is ready to roll back its stimulus program.
While factors cited as a possible trigger for profit-taking were wide-ranging, from a sharp sell-off in Japanese government bonds and real estate investment trusts (REITs) to a media report on hedge funds' buying the euro, traders agree that they were just an excuse.
The dollar was trading against the Indian rupee at Rs 54.62, the US currency was at 2.9870 in relation to the Malaysian ringgit and the greenback was 6.1424 in terms of the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Tuesday: 77.80-77.80 (77.83-77.83). Call Money Rates: 06.50-07.00 percent (previous 05.10-08.00 percent).
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Open Bid Rs 99.65
Open Offer Rs 99.85
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday.
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Bid Rate Rs 98.45
Offer Rate Rs 98.47
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RUPEE IN LAHORE: The Pak rupee strengthened against the dollar on the currency market on Tuesday, dealers said. According to the currency dealers, the dollar was opened on a depressed note and could not sustain in the absence of buyers' interest. On close of trading, the dollar was ended at Rs 99.60 and Rs 100.00 as its buying and selling rates against Rs 99.80 and Rs 100.10 of Monday, respectively.
Similarly, the national currency regained some of its earlier loss and was appreciated against the British pound. The pound's buying and selling rates were slide down from the overnight closing of Rs 152.70 and Rs 153.50 to Rs 151.50 and Rs 153.00, respectively, the dealers added.
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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