Declining trend persisted on the money market on Tuesday as the rupee continued its slide against the dollar in the process of trading, dealers said. The rupee continued its decline versus the dollar, shedding more 10 paisas for buying and selling at Rs 107.00 and Rs 107.20 respectively, they said. The rupee was trading in relation to the euro for buying and selling at Rs 122.70 and Rs 123.70 respectively, they said.
OPEN MARKET RATES: INTER-BANK MARKET RATES: The rupee moved slightly versus the dollar for buying and selling at Rs 105.39 and Rs 105.41 respectively, they said. In the second Asian trade: The US dollar sank to a 10-month low against a basket of major currencies on Tuesday, hobbled by uncertainty over the pace of the Federal Reserve's policy tightening and worries that President Donald Trump will fail to deliver healthcare reforms.
The dollar's index against a basket of six major currencies sank to a 10-month low of 94.75. From its 14-year peak of 103.82 touched on Jan 3, it has lost 8.4 percent. Two more Republican Senators, Jerry Moran and Mike Lee, announced their opposition on Monday to a revised Republican healthcare bill, delivering a serious blow to the legislation.
Friday's weak reading on US inflation and retail sales also fanned speculation that the Fed may not have justification for another rate hike by the end of this year, despite policymakers' projection for such a move. Money market instruments are now pricing in less than 50 percent chance of a rate increase during the rest of the year.
The dollar was trading against the Indian rupee at Rs 64.345, the greenback was at 4.284 in terms of the Malaysian ringgit and the US currency was available at 6.761 versus the Chinese yuan.
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Open Bid Rs 107.00
Open Offer Rs 107.20
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday.
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Bid Rate Rs 105.39
Offer Rate Rs 105.41
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RUPEE IN LAHORE: The Pak rupee recovered its day earlier losses versus major currencies including the US dollar and British pound in the local currency market on Tuesday.
The trading activity of the US dollar resumed on a negative note and remained under pressure following lack of buyers' interest in the market throughout the trading session. At the close, it depreciated to Rs 106.95 and Rs 107.30 on buying and selling side, respectively, as compared to the overnight trend of Rs 107.05 and Rs 107.20 respectively, local currency dealers said. Similarly, the local currency also followed the same suit against the pound sterling. The pound's buying and selling rates slid from Monday's closing rates of Rs 138.37 and Rs 139.50 to Rs 138.10 and Rs 139.00 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi here on Tuesday.
The dollar opened at Rs 106.40 (buying) and Rs 106.50 (selling) against same last rate. It closed at Rs 106.40 (buying) and Rs 10650 (selling).
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