The dollar breached the barrier of Rs 107 on the open market on Tuesday in the process of trading, dealers said. The rupee shed three-paisa against the dollar for buying and selling at Rs 105.53 and 105.55 respectively, they said.
INTERBANK MARKET RATES: In the second Asian trade, the dollar hovered just below a seven-month peak against a basket of major currencies early on Tuesday, having consolidated its payrolls-inspired rally in a subdued session overnight.
The dollar index last stood at 99.033, drifting down from Friday's peak of 99.345, a high not seen since mid-April. Against the yen, the greenback fetched 123.15 yen, just off a 2-1/2-month high of 123.60. The euro traded at $1.0753, having been as low as $1.0704 on Friday. Versus the yen, the common currency stood at 132.20 yen, drifting off a six-month low of 131.45 plumbed recently.
Not helping the euro, four governing council members said a consensus is forming at the European Central Bank to take one of its benchmark interest rates deeper into negative territory in December.
The dollar was trading against the Indian rupee at Rs 66.36, the greenback was at 4.3675 versus the Malaysian ringgit and the US currency was available at 6.3610 in relation to the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Tuesday: 78.28-78.34 (previous 78.22-78.27).
OPEN MARKET RATES: The rupee crossed 107 mark versus the dollar but proved short-lived, they said. During the day, the national currency improved but ended with 40-paisa loss in terms of the dollar for buying and selling at Rs 106.50 and Rs 106.70 respectively however, it gained 35-paisa versus the euro for buying and selling at Rs 114.40 and Rs 115.70 respectively, they added.
The State Bank of Pakistan (SBP) said Pak rupee was in line with the economic fundamentals. Commenting on the rupee's fluctuations, some experts said that fall in the regional currencies and giving a boost to the local exports might be solid factors behind that move. After the fresh decline in the rupee value, the difference between the open and interbank market rates widened, they said. Besides, money expert Malik Bostan said people, who were buying dollars in expectations of better investment, refrained from it, because the national currency was likely to move with slight fall versus the dollar.
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Open Bid Rs 106.50
Open Offer Rs.106.70
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday.
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Bid Rate Rs.105.53
Offer Rate Rs.105.55
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RUPEE IN LAHORE: The national currency remained under pressure and declined against the major currencies including the US dollar and the British pound on the local currency market on Tuesday.
According to the currency dealers, because of rising demand for the greenback, the Pak rupee lost 30-paisa for buying and selling at Rs 106.75 and Rs 107.00 versus dollar against Rs 106.45 and Rs 106.70 of Monday, respectively.
Likewise, the rupee maintained downward slide for the second day and depreciated its worth against the pound sterling. The pound's rate improved from the overnight closing of Rs 159.50 and Rs 160.20 to Rs 160.30 and Rs 161.00 on buying and selling side, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar further gained strength against the Pak rupee on the open currency markets of Islamabad and Rawalpindi here on Tuesday.
The dollar opened at Rs 106 (buying) and Rs 106.20 (selling) against overnight value of Rs 105 (buying) and Rs 105.20 (selling). It did not observe further change in the second session and closed at Rs 106 (buying) and Rs 106.20 (selling).
Pound Sterling opened at Rs 158 (buying) and Rs 158.50 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 158 (buying) and Rs 158.50 (selling).
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