RECORDER REPORT
KARACHI: An easier trend was witnessed on the money market on Tuesday as the rupee drifted lower in terms of the dollar in the process of trading, dealers said.
On Monday, main commercial centres were closed on account of birth anniversary of Quaid-e-Azam.
INTER-BANK MARKET RATES: The rupee did not move sharply against the dollar for buying and selling at Rs 110.49 at Rs 110.51 respectively, they said.
In the second Asian trade, the dollar held steady in Tuesday's holiday-thinned trade, shrugging off upbeat Japanese economic data as market participants pondered about next year's potential catalysts.
Markets in Australia and Hong Kong remained closed after Monday's Christmas holiday, and many financial centres in Europe will also be shut on Tuesday.
The euro inched down 0.1 percent to $1.1869. The single currency gave up some ground last week after Catalan separatists won a regional election, deepening Spain's political crisis in a sharp rebuke to Prime Minister Mariano Rajoy and European Union leaders who backed him.
Against the yen, the dollar was almost flat on the day at 113.30.
"Yesterday and today, major markets are closed, so it's difficult to see clear direction at the moment, and we need to think about what will happen in the beginning of next year," said Masafumi Yamamoto, chief currency strategist for Mizuho Securities in Tokyo.
"I still believe that the passage of the US tax bill and the avoidance of the government shutdown are positive for the dollar," he said. "In a relative sense, the dollar has an advantage.
The dollar was trading against the Indian rupee at Rs 64.04, the greenback was available at 4.077 in terms of the Malaysian ringgit and the US currency was 6.552 in relation to the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Tuesday: 82.70-82.70 (Previous 82.70-82.70).
OPEN MARKET RATES: The rupee failed to maintain overnight firmness, losing 40 paisas against the dollar for buying at Rs 110.70 and the national currency also shed 20 paisas for selling at Rs 111.00, they said.
The rupee also lost 30 paisas in terms of the euro for buying and selling at Rs 129.80 and Rs 131.80 respectively, they added.
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Open Bid Rs.110.70
Open Offer Rs.111.00
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday.
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Bid Rate Rs.110.49
Offer Rate Rs.110.51
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RUPEE IN LAHORE: The Pak rupee remained firmed on buying side while it depreciated on selling side against the US dollar in the local currency market on Tuesday.
According to currency dealers, the dollar commenced trading at its last closing trend of Rs 110.30 and Rs 111.00 as its buying and selling rate, respectively.
At the close, it firmly maintained its opening rate for buying at Rs 110.30. However, it further improved by 20 paisas for selling at Rs 111.20, they added.
In addition, the national currency recovered its earlier losses versus the pound sterling. Consequently, the pound's buying and selling rates slid from Saturday's closing of Rs 145.50 and Rs 147.00 to Rs 145.30 and Rs 146.70 respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The value of rupee against the dollar remained unchanged at the open currency markets of Islamabad and Rawalpindi here on Tuesday.
The dollar opened at Rs 110.30 (buying) and Rs 110.50 (selling) against same last rate. It closed at Rs 110.30 (buying) and Rs 110.50 (selling).
