The rupee appreciated against the dollar on the money market on Thursday following the decision by the State Bank of Pakistan, in which it had taken decision to permit export of all currencies, dealers said. The SBP has allowed export of dollars and other foreign currencies from Islamabad Airport from July 4 (today), which will definitely help in bringing the rate of dollar down versus the rupee soon.
Exchange Companies Association of Pakistan (ECAP) Chairman Malik Bostan lauded the decision announced by the central bank and said it was very old demand which was met today, hoping the Bank would meet all other requests made by the exchange companies. That move would bring down the extra burden of exchange companies, he said, and hoped the rupee would trade in the band of Rs 98.00 and 98.10 versus the dollar in the coming days.
INTER-BANK MARKET RATES: The rupee gained nine-paisa in terms of the dollar for buying at Rs 98.58 and it also picked up two-paisa for selling at Rs 98.68, they said.
OPEN MARKET RATES: The rupee also gained five-paisa versus the dollar for buying and selling at Rs 99.20 and Rs 99.40. It rose by 20-paisa against the euro for buying and selling at Rs 135.00 and Rs 135.25, they said.
In the fourth Asian trade, the dollar held firm above a recent eight-week low on Thursday, supported by hopes for a healthy rise in non-farm payrolls, while the Aussie fell after Australia's central bank chief warned that markets are underestimating the risk of a sharp fall in the currency.
Figures from US payrolls processor ADP released on Wednesday added to a string of bullish US data ranging from manufacturing to auto sales, supporting the view that the US economy has bounced back smartly after a first-quarter slump. The dollar was trading against the Indian rupee at Rs 59.58, the greenback was at 3.2055 in terms of Malaysian ringgit and the US currency was available at 6.214 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Thursday: 77.63-77.64 (previous 77.63-77.64). Call Money Rates: 05.75-07.50 percent (previous 05.25-07.50 percent).
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Open Bid Rs.99.20
Open Offer Rs.99.40
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday.
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Bid Rate Rs.98.58
Offer Rate Rs.98.68
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RUPEE IN LAHORE: The Pak rupee showed stability, as it stayed unchanged against the US dollar on the local currency market on Thursday.
According to the currency dealers, the dollar resumed trading at its day earlier closing of Rs 99.25 and Rs 99.50 as its buying and selling rates, respectively. The dollar did not observe any change in its demand and supply situation throughout the day. As a result, its opening rates continued to prevail till close of trading, the dealers said.
On the contrary, the rupee maintained downward slide for another day and remained under pressure against the British pound. The pound's buying and selling rates were improved from the overnight closing of Rs 169.25 and Rs 169.50 to Rs 169.50 and Rs 169.75, 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 Thursday.
The dollar opened at Rs 98.50 (buying) and Rs 98.60 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 98.50 (buying) and Rs 98.60 (selling).
Pound Sterling opened at Rs 165 (buying) and Rs 165.50 (selling) against same last rate. It closed at the same rate without further change by the end of evening session.
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