RECORDER REPORT
KARACHI: Marginal recovery was witnessed on the money market on Thursday as the rupee managed to gain versus the dollar in the process of trading, dealers said.
INTER-BANK MARKET RATES: The rupee inched up by one paisa in relation to the greenback for buying and selling at Rs 104.82 and Rs 104.83 respectively, they said.
In the third Asian trade, the dollar pared earlier losses against the yen and euro and edged up, as US debt yields resumed their ascent.
The greenback's gains were limited, however, as traders braced for a meeting by the Organization of the Petroleum Exporting Countries (OPEC) later in the day which could spark volatility in financial markets and weigh on the US currency.
The dollar rose 0.3 percent to 112.690 yen after going as low as 112.060. It surged to 113.340 overnight on robust revised US GDP data but had failed to sustain the gains as US yields, a key driver of the dollar recently, initially pulled back from 16-month highs before rising in Asia on Wednesday.
The euro was down 0.2 percent at $1.0632 following a rise to $1.0660. It had gained 0.3 percent overnight.
The rupee was trading against the Indian rupee at 68.62, the greenback was at 4.4640 in terms of the Malaysian ringgit and the US currency was at 6.8857 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Wednesday: 78.75-78.75 (previous 78.71-78.72).
OPEN MARKET RATES: The rupee rose by 10 paisas in term of the greenback for buying and selling at Rs 107.50 and Rs 107.80 respectively, while it also picked up Rs 1.5 against the euro for buying at Rs 113.75 and 55 paisas for selling at Rs 115.25, they said.
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Open Bid Rs.107.50
Open Offer Rs.107.80
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday.
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Bid Rate Rs.104.82
Offer Rate Rs.104.83
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RUPEE IN LAHORE: The rupee recovered its day earlier losses against the US dollar in the local currency market on Thursday.
The trading of the US dollar resumed on a depressed note and remained under the selling pressure during the day's trading session. In the absence of buyers' interest, the dollar could not carry its value and declined to Rs 107.20 and Rs 108.20 on buying and selling counters, respectively, as compared to overnight closing rates of Rs 108.25 and Rs 108.50, said the local currency dealers.
On the contrary, the local currency remained under pressure for the second consecutive day against the pound sterling. The pound's buying and selling rates further went up from Wednesday's closing rates of Rs 133.80 and Rs 134.70 to Rs 134.00 and Rs 135.00, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The value of rupee against the dollar remained unchanged at currency exchange establishments of Islamabad and Rawalpindi here on Thursday.
The dollar resumed trading at Rs 108 (buying) and Rs 108.10 (selling) against same overnight value. It did not observe further change in evening session and closed at Rs 108 (buying) and Rs 108.10 (selling).
Pound Sterling opened at Rs 136 (buying) and Rs 136.10 (selling). It did not observe further change in the second session and closed at Rs 136 (buying) and Rs 136.10 (selling).
