A downward trend continued on the money market on Tuesday as the rupee fell slightly against the dollar in the process of trading, currency experts said. The rupee depicted no variation in relation to the dollar for buying and selling at Rs 110.55 and Rs 110.56 respectively, they said.
INTER-BANK MARKET RATES: In the second Asian trade, the dollar slipped back on Tuesday as global equity markets showed some sign of stability after the recent rout, reviving risk appetite and putting the US currency on the defensive on worries about its receding yield advantage.
The dollar's index against a basket of six major currencies stood at 90.142, having fallen 0.26 percent on Monday and edging away from Thursday's half-month high of 90.569.
The euro traded at $1.2298, bouncing off last week's low of $1.2206, though it was still more than two cents below its 3-year high of $1.2538 hit on Jan. 25.
Buying the euro was one of the popular trades earlier this year on the view that the European Central Bank will scale back its stimulus later this year on the back of a strong recovery in the euro zone economy.
The British pound edged up to $1.3846 from Friday's low of $1.3764. Despite uncertainties around Brexit, the pound has been propped up by rising expectations the Bank of England will raise interest rates to curb inflation.
The dollar was available at 3.931 in terms of the Malaysian ringgit and the greenback was at 6.325 in relation to the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Tuesday: 82.90-82.90 (Previous 82.90-82.90).
OPEN MARKET RATES: The rupee shed 10 paisas versus the dollar for buying and selling Rs 111.60 and Rs 111.90 respectively, they said.
The rupee also dropped it's value sharply in terms of the euro, losing one rupee for buying at Rs 137.00, while it dipped by Rs 2 for selling at Rs 139.00, they added.
========================
Open Bid Rs. 111.60
Open Offer Rs. 111.90
========================
Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday.
========================
Bid Rate Rs. 110.55
Offer Rats Rs. 110.56
========================
RUPEE IN LAHORE: The Pak rupee registered reduction versus the major foreign currencies including the US dollar and British pound in the local currency market on Tuesday.
According to currency dealers, the dollar resumed trading on a positive note following fresh buyers' interest in the market. Consequently, it was ended higher at Rs 111.25 and Rs 111.70 for buying and selling, respectively, as compared to the overnight closing of Rs 111.10 and Rs 111.60 respectively, they added.
Likewise, the local currency also followed the same suit in terms of trading against the pound sterling. The pound's buying and selling rates further rose from Monday's closing of Rs 152.70 and Rs 153.70 to Rs 153.80 and Rs 154.70 respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar was unchanged against the rupee at the open currency markets of Islamabad and Rawalpindi here on Tuesday.
The dollar opened at Rs 111.65 (buying) and Rs 111.75 (selling) against rupee and it closed at the same levels.
Comments
Comments are closed.