RECORDER REPORT
KARACHI: An easier trend persisted on the money market on Tuesday as the rupee continued slide in terms of the dollar in the process of trading, dealers said.
INTER-BANK MARKET RATES: The rupee almost held the overnight levels in relation to the dollar for buying and selling at Rs 105.42 and Rs 105.43 respectively, they said.
In the second Asian trade, the dollar struck a 1-1/2-month high as Treasury yields rose after a strong reading for US manufacturing activity hardened expectations for US interest rates to rise by the year-end.
The Australian dollar slipped to its lowest in more than two months after the Reserve Bank of Australia left interest rates unchanged and gave a somewhat cautious assessment of the local economy.
The dollar index against a basket of six major currencies was up 0.3 percent at 93.848 after touching 93.891, its highest since Aug 17.
On track for its third straight day of rises, the benchmark 10-year Treasury yield edged up to 2.351 percent after briefly touching a three-month high of 2.371 percent overnight.
"The dollar is drawing support from familiar themes. The Fed continues to sound hawkish, US indicators are good and price indicators are rising," said Bart Wakabayashi, Tokyo Branch Manager of State Street Bank.
"All these factors are cementing the prospect of a December rate hike by the Fed." The euro was down 0.2 percent at $1.1708 after brushing $1.1702, its weakest since Aug. 17.
OPEN MARKET RATES: The rupee shed 10 paisas against the dollar for buying and selling at Rs 106.30 and Rs 106.50 respectively, they said. The rupee also lost 25 paisas in terms of the euro for buying and selling at Rs 124.75 and Rs 126.00 respectively, they said.
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Open Bid Rs.106.30
Open Offer Rs.106.50
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday.
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Bid Rate Rs.105.42
Offer Rate Rs.105.43
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RUPEE IN LAHORE: The Pak rupee depreciated further on buying side whereas it stayed unchanged on selling side in relation to the US dollar in the local currency market on Tuesday.
According to currency dealers, the dollar commenced trading on its overnight closing at Rs 106.40 and Rs 106.80 as its buying and selling rates, respectively.
At the close, it further rose to Rs 106.65 on buying counter. However, no change was seen on the selling counter at Rs 106.80, they added.
In addition, the local currency showed stability as it recovered its day earlier losses versus the pound sterling.
Consequently, the pound's buying and selling rates slid from Monday's closing of Rs 141.50 and Rs 142.50 to Rs 140.70 and Rs 141.40 respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi here on Tuesday.
The dollar opened at Rs 106.70 (buying) and Rs 107 (selling) against same last rate. It closed at Rs 106.70 (buying) and Rs 107 (selling) in the second session.
