The rupee managed to hold overnight levels against the dollar on the money market on Tuesday in the process of trading, dealers said. The rupee stayed put against 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 was unchanged in relation to the dollar for buying and selling at Rs 106.40 and Rs 106.60 respectively; however, it gained 10 paisas in terms of the euro for buying and selling at Rs 113.00 and Rs 114.50 respectively, they said.
In the second Asian trade, the dollar inched up against a basket of currencies as US Treasury yields extended their rise ahead of an expected interest rate rise by the Federal Reserve. The euro pulled back from one-month highs after dovish-sounding comments from European Central Bank officials tempered its recent surge.
With a rate increase already seen as a done deal, investor focus was on what kind of a message the Fed would deliver after its two-day meeting starting later on Tuesday. "The latest rise in Treasury yields is underpinning the dollar, but it is a wait-and-see mood that is mostly prevailing in the market ahead of the Fed's decision," said Shin Kadota, senior currency strategist at Barclays in Tokyo.
"Expectations for a hawkish dot plot was a factor that has pushed up the dollar recently, with hopes for the number of times the Fed could hike rates this year having increased to four from three." The "dot plot" is policymakers' rate projections and provides a view into their interest rate outlook. The euro was effectively flat at $1.0651. The common currency had climbed to a one-month high of $1.0714 on Monday, boosted after some members of the ECB's Governing Council discussed the possibility of higher interest rates at last week's policy meeting.
The dollar was trading against the Indian rupee at Rs 66.20, the greenback was at 4.4460 in terms of the Malaysian ringgit and the US currency was at 6.9174 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Tuesday: 79.53-79.55 (previous 79.52-79.52).
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Open Bid Rs.106.40
Open Offer Rs.106.60
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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 failed to hold its strength as it depreciated against the US dollar in the local currency market on Tuesday.
According to currency dealers, the US dollar commenced trading on a positive note and kept on rising during the session. At the close, it rose to Rs 106.50 and Rs 106.85 on buying and selling sides, respectively, as compared to the overnight closing rates of Rs 106.30 and Rs 106.80 respectively, they added.
On the contrary, the national currency showed strength as it recovered its day earlier losses versus the pound sterling. The pound's buying and selling rates slid from the Monday's closing rates of Rs 129.00 and Rs 130.00 to Rs 128.60 and Rs 129.30 respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The value of rupee against the dollar remained unchanged at the open currency markets of Islamabad and Rawalpindi here on Tuesday. The dollar opened at Rs 107.50 (buying) and Rs 107.60 (selling). It closed at the same rates by the end of evening session. Pound Sterling opened at Rs 130 (buying) and Rs 131.50 (selling). It closed at the same rate.
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