Strong demand pushed the dollar prices up at Rs 106 against the rupee on the money market on Tuesday, dealers said.
A slight rise in dollar buying caused increase in its rates and today's appreciation is indicating that fluctuations will be limited in the coming days, some experts said.
INTER-BANK MARKET RATES: The rupee inched up by one paisa in relation to the dollar for buying and selling at Rs 104.84 and Rs 104.85 respectively, dealers said.
In the second Asian trade, the dollar hovered near three-week lows after soft US economic data undermined the case for an early Federal Reserve rate hike while the Australian dollar braced for the probability of a policy easing later in the day.
The dollar index against a basket of six major currencies stood at 95.758, having fallen to as low as 95.384 last week when it posted its biggest fall in three months.
The dollar was trading against the Indian rupee at Rs 66.75, the greenback was at 4.0465 versus the Malaysian ringgit and the USA currency was at 6.6482 in relation to the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Tuesday: 78.40-78.40 (previous 78.40-78.40).
OPEN MARKET RATES: The rupee lost 15 paisas versus the dollar for buying and selling at Rs 105.90 and Rs 106.10 respectively, they said. After gaining ground around the globe, the euro rose by 65 paisas in terms of the rupee for buying and selling at Rs 118.25 and Rs 119.25 respectively, they added.
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Open Bid Rs.105.90
Open Offer Rs.106.10
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday.
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Bid Rate Rs.104.84
Offer Rate Rs.104.85
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RUPEE IN LAHORE: The rupee remained unchanged on buying side while it lost 10-paisa on selling side in relation to the greenback on the local currency market on Tuesday.
According to the currency dealers, the dollar resumed trading at its overnight closing of Rs 105.40 and Rs 106.20 as its buying and selling rates, respectively.
The dollar did not observe any change in its supply situation that helped the rupee stability on buying side. However, following a slight increase in its demand, the dollar ended higher at Rs 106.30, the dealers said.
The rupee recovered some of its earlier loss and improved on buying side while it failed to maintain rising trend on selling side against the pound sterling that was purchased and sold at Rs 134.28 and Rs 141.00 compared with Monday's closing of Rs 138.39 and Rs 140.12, respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The value of rupee against the dollar remained unchanged at local currency establishments of Islamabad and Rawalpindi here on Tuesday.
The dollar opened at Rs 104.50 (buying) and Rs 105 (selling) against same last rate. It did not observe further change in evening session and closed at Rs 104.50 (buying) and Rs 105 (selling).
Pound Sterling opened at Rs 137.50 (buying) and Rs 138 (selling). It did not observe further change in the second session and closed at Rs 137.50 (buying) and Rs 138 (selling) by the end of second session.
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