THE RUPEE: modest slide

The rupee tumbled against the dollar on the money market on Monday in the process of trading, dealers said. The rupee drifted lower by five-paisa versus the dollar for buying and selling at Rs 104.84 and Rs 104.85 respectively, they said.
INTERBANK MARKET RATES: OPEN MARKET RATES: The rupee followed the same pattern in relation to the greenback, losing 10-paisa for buying and selling at Rs 106.00 and Rs 106.20 respectively, while it picked up by one rupee in terms of the euro for buying and selling at Rs 116.25 and Rs 117.25 respectively, they added.
In the first Asian trade, sterling fell as concern grew that Britain would quit the European Union, after London Mayor Boris Johnson threw his weight behind the exit campaign. The dollar, euro and yen were little changed. The pound fell around 1 percent against the dollar, euro and yen. It slid as far as $1.4235 and 160.07 yen from around $1.4405 and 162.10 late on Friday. The euro popped back above 78.00 pence and last stood at 77.85.
The dollar was trading against the Indian rupee at Rs 68.55, the greenback was at 4.2070 in terms of the Malaysian ringgit and the US currency was at 6.5193. Interbank buy/sell rates for the taka against the dollar on Monday: 78.50-78.50 (previous 78.50-78.50).

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Open Bid       Rs.106.00

Open Offer     Rs.106.20

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

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Bid Rate       Rs.104.84

Offer Rate     Rs.104.85

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RUPEE IN LAHORE: The rupee failed to keep upward trend against the major currencies on the open market on Monday.
The rupee lost 20 paisas for buying and selling at Rs 106.20 and Rs 106.50 as compared with the overnight closing of Rs 106.00 and Rs 106.30 against the dollar that staged a comeback following buyers' interest. The rupee did gain well against the pound sterling. The pound was purchased and sold at Rs 150.50 and Rs 152.00 against the previous closing of Rs 151.10 and Rs 151.50.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar further gained strength against the Pak rupee at the open currency markets of Islamabad and Rawalpindi here on Monday.
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).
Copyright Business Recorder, 2016