The dollar after maintaining a stable trend for a certain period, started moving up against the rupee on the money market on Tuesday in process of trading activity, dealers said. Commenting on surge in the dollar's value, marketmen said that in fact the greenback is in demand, so it is most probably, it may continue upward journey in the coming days.
The rupee has already fallen sharply versus the dollar, they said and adding that now it looks that the rupee will fall but in a limited range.
INTER-BANK MARKET RATES: The rupee depreciated by 22 paisas versus the dollar for buying and selling at Rs 138.92 and Rs 138.95, they said.
OPEN MARKET RATES: In sympathy with the inter-bank market trend, the rupee fell by 30 paisas in relation to the dollar for buying and selling at Rs 138.50 and Rs 139.00, they said. The rupee also slipped by five paisas against the euro for buying and selling at Rs 155.80 and Rs 157.60, they said.
In the second Asian trade, the dollar held steady against its peers on Tuesday, lacking strong direction as US markets were shut for a holiday the previous day, while the euro's latest bounce slowed as the focus drifted back to the economy and European Central Bank policy.
The dollar index versus a basket of six major currencies was little changed at 96.784 after ending the previous session flat. The US financial markets were closed on Monday for Presidents' Day.
The euro was little changed at $1.1312 after edging up 0.16 percent overnight, when it pulled away from a three-month low of $1.1234.
The single currency was buoyed by improved investor sentiment as expectations increased for an easing of the US-China trade conflict after both sides reported progress in talks.
The dollar was available against the Malaysian ringgit at 4.085 and the greenback was at 6.774 in terms of the Chinese yuan.
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Open Bid Rs.138.50
Open Offer Rs.139.00
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday.
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Bid Rate Rs.138.92
Offer Rate Rs.138.94
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RUPEE IN LAHORE: The Pak rupee failed to hold its earlier recoveries versus the major foreign currencies including the greenback and the British pound in the local currency market on Tuesday.
According to currency dealers, the short supply phenomenon of the greenback prevailed throughout the trading session which helped its appreciation for buying and selling at Rs 138.50 and Rs 139.30 respectively against the overnight closing trend Rs 138.00 and Rs 139.00 respectively.
Likewise, the national currency also followed the same suit in relation to the pound sterling. The pound's buying and selling rates rose from the Monday's closing of Rs 177.00 and Rs 178.00 to Rs 177.50 and Rs 179.00 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 10 paisa against the rupee at the open currency markets of Islamabad and Rawalpindi here on Tuesday.
The dollar opened at Rs138.80 (buying) and Rs 138.90 (selling) against last rate of Rs 138.70 (buying) and Rs 138.80 (selling). It closed at Rs138.80 (buying) and Rs 138.90 (selling).
The buying and selling rates of one tola of gold was Rs. 68,150 (selling) and Rs 68,100 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.
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