Following the speculative buying of dollars, the rupee breached the barrier at 113 marks on the open market, whereas the national currency almost sustained its week-end levels on the inter-bank market, dealers said. Some experts said the rupee, just in one month period, lost approximately 8 percent in relation to the dollar.
For the last several years, the rupee traded within a narrow band versus the dollar on both the inter-bank and open market almost at Rs 105.00 and Rs 106 respectively, they added.
In middle of last July, after the interventions, the rupee stabilised but with the beginning of 2018, the rupee started showing vulnerability against the dollar and on Monday it hit a new height at 113.50 during the day, but later the domestic currency shed sharp losses, they said. In the meantime, recovery may prove short-live and market may observe further volatility, marketmen said.
Besides, some of the leading analysts said it seems difficult to predict about the new direction of the market.
OPEN MARKET RATES: INTER-BANK MARKET RATES: The rupee depicted no major fluctuations in relation to the dollar for buying and selling at Rs 110.54 and Rs 110.56 respectively, they said.
In the first Asian trade, the dollar inched higher against a basket of major peers on Monday as data showing slower US jobs growth did little to dent expectations for further Federal Reserve interest rate increases this year.
The dollar's index against a basket of six major currencies rose 0.1 percent to 92.051, up from its Jan. 2 low of 91.751, which was its weakest level since Sept. 20.
US non-farm payrolls increased by 148,000 jobs last month, after a surge of 252,000 in November, according to data on Friday. Economists polled by Reuters had expected a December rise of 190,000.
Initially, the dollar slipped after the payrolls figures, but later regained some composure.
The US currency had begun 2018 on the defensive, after the dollar index fell about 9.9 percent in 2017, its weakest performance since 2003.
The dollar was trading against the Indian rupee at Rs 63.325, the greenback was at 3.985 in terms of the Malaysian ringgit and the US currency was available at 6.489 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Monday: 82.75-82.75 (Previous 82.75-82.75). The rupee lost 30 paisas in terms of the dollar for buying and selling at Rs 112.30 and Rs 112.50 respectively, however, it gained 20 paisas against the euro for buying and selling at Rs 132.80 and Rs 134.80 respectively, they added.
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Open Bid Rs.112.30
Open Offer Rs.112.50
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday.
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Bid Rate Rs.110.54
Offer Rate Rs.110.56
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RUPEE IN LAHORE: The Pak rupee stayed firmed on buying side while it depreciated on selling side in relation to the US dollar in the local currency market on Monday.
According to currency dealers, the dollar resumed trading on its last closing of Rs 112.00 and Rs 112.20 as its buying and selling rates, respectively. At close of trading, it firmly held its opening trend for buying at Rs 112.00. However, it appreciated by 40 paisas for selling at Rs 112.60, they added.
On the other hand, the national currency recovered by 10 paisas against the pound sterling for buying at Rs 149.60. However, no change in its value took place for selling at Rs 150.50, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi here on Monday.
The dollar opened at Rs 112 (buying) and Rs 112.10 (selling) against same last rate. It closed at Rs 112 (buying) and Rs 112.10 (selling).
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