RECORDER REPORT
KARACHI: The rupee dropped slightly against the dollar on Monday in the process of trading, dealers said.
INTER-BANK MARKET RATES: The rupee was trading versus the dollar for buying and selling at Rs 104.85 and Rs 104.86 respectively, they said.
OPEN MARKET RATES: The rupee was down by five paisas in terms of the dollar for buying and selling at Rs 106.20 and Rs 106.40 respectively, they said.
The national currency, however, recovered 50 paisas versus the euro for buying and selling at Rs 111.50 and Rs 112.50 respectively, they said.
In the first Asian trade, the dollar started the week at three-week highs against a currency basket on Monday, after a key US Federal Reserve official reinforced the central bank's commitment to continue raising interest rates.
The dollar index, which tracks the greenback against six major rival currencies, added 0.1 percent to 101.230 after rising as high as 101.340, reaching its highest levels since March 15.
New York Fed President William Dudley said the Fed might avoid raising interest rates at the same time that it begins shrinking its $4.5 trillion bond portfolio, prompting only a "little pause" in the central bank's rate hike plans.
His comments bolstered US Treasury yields which added to the dollar's appeal. The benchmark 10-year yield, which wallowed at its lowest levels since November on Friday, last stood at 2.385 percent in Asian trading, up from its US close of 2.373 percent.
The dollar was trading against the Indian rupee at Rs 64.423, the greenback was at 4.438 in terms of the Malaysian ringgit and the US currency was at 6.907 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Monday: 79.75-79.75 (previous 79.72-79.72).
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Open Bid Rs.106.20
Open Offer Rs.106.40
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday.
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Bid Rate Rs.104.85
Offer Rate Rs.104.86
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RUPEE IN LAHORE: The Pak rupee moved both ways against the greenback in the local currency market on Monday.
According to currency dealers, the demand and supply situation of the US dollar continued to move both ways amidst divergent trend in the market.
At the close, it was bought and sold at Rs 106.25 and Rs 106.45 against last closing trend of Rs 106.20 and Rs 106.70 respectively, they added.
Furthermore, the local currency failed to sustain as it registered reduction versus the pound sterling.
The pound's buying and selling rates went up from Saturday's closing rates of Rs 130.60 and Rs 131.20 to Rs 130.80 and Rs 131.50 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 Monday.
The dollar opened at Rs 106.50 (buying) and Rs 107 (selling). It closed at the same rate.
Pound Sterling opened at Rs 130 (buying) and Rs 131.50 (selling). It closed at the same rate.
