The rupee managed to recover further ground against the dollar on the money market on Thursday, dealers said. The rupee posted fresh gains of 25-paisa in relation to the dollar for buying and selling at Rs 104.55 and Rs 104.57 respectively, they said.
INTER-BANK MARKET RATES: OPEN MARKET RATES: The rupee took a boost from the interbank trend, picking up 25-paisa versus the dollar for buying and selling at Rs 106.20 and Rs 106.40, respectively, however it lost Rs 1.50 to Rs 117.50 and Rs 118.50 respectively,, they added.
In the fourth Asian trade, the dollar nursed hefty losses against the yen and euro after tumbling overnight when a top Federal Reserve official tempered expectations on the timing of future US interest rate increases. The US currency took a beating on Wednesday after New York Fed President William Dudley said financial conditions were considerably tighter and a weakening outlook for the global economy would have to be taken into account.
The dollar was also weighed down by a survey from the Institute of Supply Management (ISM) showing activity in the vast US services sector slowed to a near two-year low in January, adding another layer of uncertainty on the Fed's near-term policy path.
The dollar was almost flat at 118.01 yen after dropping 1.7 percent overnight. The greenback handed back all the gains made against the yen after the Bank of Japan (BOJ) adopted negative interest rates late last week, pushing the dollar to a 6-week high of 121.70. The dollar was trading against the Indian rupee at Rs 67.85, the greenback was at 4.1520 versus the Malaysian ringgit and the US currency was at 6.5778 against the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Thursday: 78.677-78.70 (previous 78.63-78.65.
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Open Bid Rs.106.20
Open Offer Rs.106.40
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday.
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Bid Rate Rs.104.55
Offer Rate Rs.104.57
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RUPEE IN LAHORE: The rupee drifted lower in relation to the dollar on the money market on Thursday in the process of trading.
It finally ended slightly up at Rs 1.06.60 and Rs 106.85 against the overnight closing of Rs 106.55 and Rs 106.80. The rupee declined against the pound sterling that was traded at Rs 153.75 and Rs 154.45 on buying and selling as compared with the Wednesday closing of Rs 153.50 and Rs 154.20.
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 Thursday.
The dollar opened at Rs 106 (buying) and Rs 106.20 (selling) against same last rate. 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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