RECORDER REPORT
KARACHI: The rupee extended overnight decline in terms of the dollar on Thursday in process of trading activity, dealers said.
Some experts were of the opinion that the rupee failed the halt erosion in it's value versus the dollar due to rising demand of dollars.
Some of them also said that at a point the rupee was available around Rs 108 owing to tight supply against the strong demand.
They said that the dollar is closing with the 108 mark day by day.
INTER-BANK MARKET RATES: The rupee also slipped by two paisas in relation to the dollar for buying and selling at Rs 105.35 and Rs 105.37 they said.
In the fourth Asian trade, the dollar pulled back from a 3-1/2-month high versus the yen, sagging ahead of a US tax bill that will be unveiled after a one-day delay.
The dollar slipped 0.15 percent to 114.030 yen.
It had gained about 0.5 percent overnight and approached 114.450, its highest level since July 11 set on Friday, underpinned by upbeat US data and enhanced prospects for a December interest rate hike by the Federal Reserve following its two-day policy meeting on Thursday.
The Fed left interest rates unchanged as widely expected, but further sharpened expectations for year-end rate hike by highlighting "solid" economic growth and a strengthening labour market.
Thursday's robust US ADP private employment report was the latest in a list of strong indicators that have backed the Fed's quest to normalise monetary policy.
The dollar's advance, however, was curtailed as other factors pertaining to US fiscal and monetary policy came into focus.
"The dollar was buoyed by the Fed's statement but the impact was limited as the decision and its statements produced little surprises," said Shin Kadota, senior strategist at Barclays in Tokyo.
The dollar was trading against the Indian rupee at Rs 64.56, the greenback was at 4.225 in terms of the Malaysian ringgit and the US currency was available at 6.599 versus the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Thursday 80.90-80.90 (previous 80.90-80.90).
OPEN MARKET RATES: The rupee lost 10 paisas against the dollar for buying and selling at Rs 107.60 and Rs 107.80, they said.
The rupee also shed 25 paisas in terms of the euro for buying and selling at Rs 125.00 and Rs 126.30, they said.
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Open Bid Rs.107.60
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.105.38
Offer Rate Rs.105.39
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RUPEE IN LAHORE: The rupee-dollar parity stayed unchanged amidst sluggish trend in the local currency market on Thursday.
According to currency dealers, the US dollar resumed trading on its overnight closing trend of Rs 107.55 and Rs 107.75 as its buying and selling rates, respectively.
At the close, no change in its value took place for buying and selling as it maintained its opening trend, they added.
The local currency, however, showed strength as it recovered its earlier losses in relation to the pound sterling.
The pound's buying and selling rates slid from Wednesday's closing of Rs 142.20 and Rs 143.20 to Rs 140.30 and Rs 142.20 respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained strength against the rupee at the open currency markets of Islamabad and Rawalpindi here on Thursday.
The dollar opened at Rs 107.70 (buying) and Rs 107.80 (selling) against last rate of Rs 106.70 (buying) and Rs 107 (selling). It closed at Rs 107.70 (buying) and Rs 107.80 (selling).
