Business Recorder
THE RUPEE: Rising trend

THE RUPEE: Rising trend




RECORDER REPORT

KARACHI: The rupee recovered overnight losses against the dollar on the money market on Thursday in the process of trading, dealers said.

INTER-BANK MARKET RATES: The rupee was almost unchanged in relation to the dollar for buying and selling at Rs 104.85 and Rs 104.86 respectively, they said.

In the fourth Asian trade, the dollar wallowed near six-month lows against a basket of major currencies as the US political crisis appeared to deepen, threatening to delay efforts by President Donald Trump to implement his economic stimulus plans.

Political instability in the United States is shaking markets. You put a brake on investments to the US when you see those headlines," said Bart Wakabayashi, Tokyo Branch Manager of State Street Bank.

The Justice Department appointed a former FBI director as special counsel to investigate possible collusion between President Donald Trump's 2016 campaign team and Russia.

The appointment of a special counsel follows Trump's dismissal of James Comey, his FBI director who was investigating Russia's role in the US election.

Media then reported that Trump may have interfered with a federal investigation, a serious allegation that could even lead to his impeachment if verified.

The dollar was trading against the Indian rupee at 64.370, the greenback was at 4.325 in terms of the Malaysian ringgit and the US currency was at 6.889 versus the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Thursday: 80.55-80.56 (previous 80.55-80.56).

OPEN MARKET RATES: The rupee picked up 10 against the dollar for buying and selling at Rs 105.80 and Rs 106.00 respectively, they said. The rupee stayed put in terms of the euro for buying and selling at Rs 117.00 and Rs 118.00 respectively, they said.





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Open Bid Rs.105.80

Open Offer Rs.106.00

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Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday.





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Bid Rate Rs.104.85

Offer Rate Rs.104.86

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RUPEE IN LAHORE: The Pak rupee showed strength and appreciated its worth by 10-paisa on buying side at Rs 105.90 and 20-paisa on selling side at Rs 106.20 in relation to the greenback on the local currency market on Thursday.

According to the currency dealers, the dollar resumed trading at its day earlier closing of Rs 106.00 and Rs 106.40 on buying and selling side, respecitvely. In the absence of buyers' interest, the dollar could not sustain and declined to Rs 105.90 and Rs 106.20 on buying and selling counter, respectively.

On the contrary, the rupee failed to maintain its position and remained under pressure against the pound sterling that was purchased and sold at Rs 136.75 and Rs 138.00 as compared to Wednesday closing of Rs 136.65 and Rs 137.40, respectively, the dealers added.

RUPEE IN ISLAMABAD AND RAWALPINDI: The value of dollar further improved against the rupee at the open currency markets of Islamabad and Rawalpindi here on Thursday.

The dollar opened at Rs 106.05 (buying) and Rs 106.15 (selling) against last rate of Rs 105.95 (buying) and Rs 106.05 (selling). It closed at Rs 106.05 (buying) and Rs 106.15 (selling).

Pound Sterling opened at Rs 135 (buying) and Rs 135.50 (selling). It closed at the same rate.

Copyright Business Recorder, 2017




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