THE RUPEE: all-round slide

The dollar maintained an upward trend versus the dollar and euro on the local currency market on Monday, dealers said. The rupee drifted lower versus the dollar, shedding seven-paisa for buying and selling at Rs 10.72 and Rs 101.75 respectively, they said.
INTERBANK MARKET RATES: OPEN MARKET RATES: The rupee also lost 40-paisa against the dollar for buying and selling at Rs 102.60 and Rs 102.80 respectively. It also slid by 25-paisa in relation to the euro for buying and selling at Rs 127.25 and Rs 127.50, they said.
In the first Asian trade, the euro flirted with a two-year trough against the dollar on Monday as investors gave the currency a wide berth on prospects of more easing from the European Central Bank. ECB President Mario Draghi on Friday threw the door wide open for more drastic measures as he painted a bleak picture of the 18 countries in the euro bloc, stressing that "excessively low" inflation had to be raised quickly.
The dollar was trading against the Indian rupee at Rs 61.71, the greenback was at 3.3430 in terms of the Malaysian ringgit and the greenback was available at 6.1359 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Monday: 77.62-77.63 (previous 77.60-77.60). Call Money Rates: 06.25-08.50 percent (Previous 06.25-08.50 percent).

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Open Bid       Rs.102.60

Open Offer     Rs.102.80

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Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday.

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Bid Rate       Rs.101.72

Offer Rate     Rs.101.75

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RUPEE IN LAHORE: The Pak rupee depreciated its worth by 30-paisa in relation to the greenback at the open currency markets of Lahore on Monday.
According to the currency dealers, the greenback opened at Rs 102.65 (buying) and Rs 102.95 (selling) against Rs 102.50 and Rs 102.75 of Saturday. The greenback lost its worth and was closed at Rs 102.80 and Rs 103.05 on buying and selling counters, respectively.
Likewise, the local currency depreciated its worth against the local currency. The British pound was purchased and sold at Rs 160.40 and Rs 161.00 against Rs 160.00 and Rs 160.25 of Saturday.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee showed a recovery of over Re 1 against the dollar at the open currency markets of Islamabad and Rawalpindi here on Monday.
The dollar opened at Rs 102.30 (buying) and Rs 102.40 (selling) against last rate of Rs 103 (buying) and Rs 103.10 (selling). It did not observe further change in the second session and closed at Rs 102.30 (buying) and Rs 102.40 (selling). Pound Sterling opened at Rs 159 (buying) and Rs 160 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 159 (buying) and Rs 160 (selling).
Copyright Business Recorder, 2014