The dollar is looking for new destinations against the rupee, after hitting Rs 118.50 on the open market on Saturday, opined money experts. Rates of dollar went up on high demand by intending Umrah pilgrims and investors, President Malik Bostan said.
Commenting on the jump in dollars' demand, he observed that investors are in dilemma after the announcement of the Amnesty scheme, which according to him, requires clarity. The government should make the things clear in the Amnesty Scheme, he remarked.
Some marketmen were of the opinion that the short supply phenomenon of the greenback prevailed throughout the day, causing 40 paisas decline in the value of the rupee at Rs 118.20 in terms of the dollar. They observed and said it is interesting to note that how far the national currency will sustain its present levels against the dollar in the inter-bank market?
A sharp decline in the country's foreign exchange reserves is not a good sign for the economy, they said. Very much dependence on imports and falling trend of exports were the main discouraging factor in the way of earning the foreign exchange reserves, they said.
Recently, Adviser to Prime Minister on Finance Miftah Ismail has said that Pakistan did not see any further devaluation of rupee in near future.
"During the last four months the national currency devalued for twice-firstly in December by five percent and then in March by five percent-due to rapidly growing trade deficit," Ismail said in an interview with Bloomburg media group on Saturday.
The Finance Adviser is currently visiting Washington DC to attend the World Bank and the International Monetary Fund (IMF) annual spring meetings.
OPEN MARKET RATES: The rupee lost 40 paisas in relation to the dollar for buying and selling at Rs 117.80 and Rs 118.20 respectively, while it did not budge any side versus the euro for buying and selling at Rs 144.30 and Rs 145.80 respectively, they added.
In the final New York trade, the US dollar rose to a two-week high against a basket of currencies on Friday on rising US yields, while sterling extended a decline in the wake of dovish comments from the head of the Bank of England.
The euro fell to a two-week low versus the dollar, for its biggest weekly drop in two months, as investors trimmed record high bets before a European Central Bank meeting next week where policymakers are largely expected to signal no change in policy.
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Open Bid Rs.117.80
Open Offer Rs.118.20
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RUPEE IN LAHORE: The Pak rupee remained under pressure for the third consecutive day versus the greenback in the local currency market on Saturday.
According to currency dealers, the short supply phenomenon of the greenback prevailed throughout the trading session which helped its further appreciation for buying and selling at Rs 117.90 and Rs 118.20 as compared to the overnight closing trend of Rs 117.50 and Rs 117.70 respectively.
However, the national currency maintained upward trend in terms of trading against the British pound. The pound's buying and selling rates further slid from Friday's closing of Rs 164.50 and Rs 165.30 to Rs 164.30 and Rs 165.00 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained Re 1 against the rupee at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 117.60 (buying) and Rs 117.70 (buying) against last rate of Rs 116.60 (buying) and Rs 116.70 (buying). It closed at Rs 117.60 (buying) and Rs 117.70 (buying).
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