An easier trend prevailed on the money market on Thursday as the rupee drifted lower modestly in the process of trading activity, dealers said. The rupee sustained its last levels in relation to the dollar for buying and selling at Rs 110.54 and Rs 110.55 respectively, they said.
In the fourth Asian trade, the euro nursed losses on Thursday, having retreated from a three-year high after comments from European Central Bank officials this week hinted at concerns over the currency's recent strength.
INTER-BANK MARKET RATES: The euro's pull-back from highs helped stabilise the greenback, which has come under pressure as central banks of other major economies begin to move toward tighter monetary policy amid a more synchronised global recovery.
The euro last stood at $1.2194, up 0.1 percent on the day but well below a peak of $1.2323 set on Wednesday, the euro's strongest level since December 2014.
ECB policymakers may have been caught off guard by the speed of the euro's appreciation, said Lee Jin Yang, macro research analyst for Aberdeen Standard Investments in Singapore.
"Maybe they are trying to manage volatility or slow down the rise," Lee said. The common currency had slipped on Wednesday as ECB policymaker Ewald Nowotny told reporters the euro's recent strength against the dollar is "not helpful," which encouraged a bout of profit-taking before a policy meeting next week.
The dollar was trading in terms of the Indian rupee at 63.805, the greenback was available at 3.956 against the Malaysian ringgit and the US currency was at 6.438 versus the Chinese yuan.
OPEN MARKET RATES: The rupee shed 10 paisas in terms of the dollar for buying Rs 111.90 and the national currency also dropped by 20 paisas for selling at Rs 112.30, they said.
The rupee, however, lost 30 paisas against the euro for buying and selling at Rs 136.30 and Rs 138.30 respectively, they added.
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Open Bid Rs.111.90
Open Offer Rs.112.30
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday.
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Bid Rate Rs.110.54
Offer Rate Rs.110.55
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RUPEE IN LAHORE: The Pakistani rupee depreciated against the major currencies including the American dollar and British pound in the local currency market on Thursday.
According to currency dealers, the demand and supply situation of the US dollar remained under pressure throughout the trading session following lack of buyers' interest in the market. Consequently, it rose to Rs 111.85 and Rs 112.40 for buying and selling, respectively, as compared to the overnight closing rates of Rs 111.60 and Rs 112.20 respectively, they added.
Likewise, the local currency also followed the same suit and declined by Rs 1 in terms of the pound sterling. The pound's buying and selling rates slipped from Wednesday's closing of Rs 153.00 and Rs 154.00 to Rs 154.00 and Rs 155.00 respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar inert against rupee at the open currency markets of Islamabad and Rawalpindi here on Thursday.
The dollar opened at Rs 112.25 (buying) and Rs 112.35 (selling) against last rate of Rs 112 (buying) and Rs 112.10 (selling). It closed at Rs 112.25 (buying) and Rs 112.35 (selling).
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