The dollar is likely to hit Rs 129 level within short period of time against the rupee, dealers said on the money market on Monday. The rupee shed one paisa versus the dollar for buying and selling at Rs 124.26 and Rs 124.27 respectively, they added.
INTER-BANK MARKET RATES: OPEN MARKET RATES: The rupee continued slide in relation to the dollar, losing 70 paisas for buying and selling at Rs 128.00 and Rs 128.50 respectively, they said. The national currency dropped by 35 paisas in terms of the euro for buying and selling at Rs 146.60 and Rs 148.60 respectively, they said.
In the final Asian trade, the dollar edged higher on Monday as China followed an easing in domestic policy by allowing its yuan to fall, though the drop was not as sharp as some had feared.
Moves were limited by a lack of liquidity with Japan on holiday and the US bond market on a break. A sudden and steep rise in Treasury yields had underpinned the dollar for much of last week.
China's central bank moved on Sunday to support the economy by slashing the level of cash that banks must hold as reserves. It was the fourth cut this year and comes as the economy struggles with the drag from an escalating trade dispute with the United States.
Beijing followed by setting its yuan at 6.8957 per dollar, the lowest since May last year but still short of the psychological 6.9000 level that dealers had eyed. The US currency was available against the Indian rupee at Rs 73.860, the dollar was at 4.150 in relation to the Malaysian ringgit and the greenback was trading at 6.898 versus the Chinese yuan.
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Open Bid Rs.128.00
Open Offer Rs.128.50
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday.
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Bid Rate Rs.124.26
Offer Rate Rs.124.27
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RUPEE IN LAHORE: The Pak rupee stayed unchanged on buying side while it depreciated on selling side in relation to the greenback in the local currency market on Monday.
According to currency dealers, the greenback did not witness any change as it firmly held its opening trend for buying at Rs 127.80 whereas it appreciated by 20 paisas and ended higher for selling at Rs 128.20 against the previous closing rate of Rs 128.00.
Moreover, the local currency moved both ways by 20 paisas against the pound sterling which was bought and sold at Rs 166.20 and Rs 167.00 against Saturday's closing rates of Rs 166.00 and Rs 167.20 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained Rs 1.25 against the rupee at the open currency markets of Islamabad and Rawalpindi here on Monday.
The dollar opened at Rs 128.50(buying) and Rs 128.60(selling) against last rate of Rs 127.25(buying) and Rs 127.35(selling). It closed at Rs 128.50(buying) and Rs 128.60(selling).
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