The rupee posted fresh gains against the dollar on the back of easy supply of the US currency on the money market on Tuesday, dealers said. Chairman of the Forex Association of Pakistan (FAP), Malik Bostan, said that nearly one-week ago the FAP had set up dollar counters across the country, which bore fruitful results as rates are stabilised now-a-days.
This move by the FAP along with other corrective measures taken by the economic managers to make comfortable supply of dollars played a vital role in stabilising the rates. On the other hand, that factor discouraged black market and eased supply of dollar as some money exchanges companies and franchise were facing dearth of dollar, he added.
In the second Asian trade, the dollar slipped against the yen, struggling to gain traction after the Bank of Japan (BoJ) held off from additional easing as expected, with focus turning to a news conference by BOJ Governor Haruhiko Kuroda.
The dollar last fetched about 102.98 yen, down 0.1 percent on the day. The dollar had been weak against the yen even ahead of the BOJ policy decision. The dollar was trading against the Indian rupee at Rs 60.11, the greenback was at 3.2610 in terms of the Malaysian ringgit and the US dollar was at 6.2068 in relation to the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Tuesday: 77.67-77.67 (77.67-77.67). Call Money Rates: 06.75-08.25 percent (previous 05.25-08.25 percent).
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Open Bid Rs.99.80
Open Offer Rs.99.95
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Bid Rate Rs.98.10
Offer Rate Rs.98.12
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According to the currency dealers, the dollar resumed trading at its day earlier closing of Rs 100.30 and Rs 100.75 as its buying and selling rates, respectively. The dollar witnessed a decline on buying side and was ended at Rs 100.20, while its selling rate stayed unchanged at Rs 100.75, the dealers said.
On the contrary, the rupee maintained downward slide and remained under pressure against the pound sterling. The pound's buying and selling rates were improved from Monday closing of Rs 166.20 and Rs 167.10 to Rs 166.50 and Rs 167.50, respectively, the dealers added.