RECORDER REPORT
KARACHI: An upward trend persisted on the money market on Thursday as the rupee managed to recover against the dollar in the process of trading activity, dealers said.
OPEN MARKET RATES: The rupee recovered 25 paisas in terms of the dollar for buying and selling at Rs 111.75 and Rs 112.25 respectively, they said.
The rupee also gained 70 paisas against the euro for buying and selling at Rs 138.80 and Rs 140.80 respectively, they added.
INTER-BANK MARKET RATES: The rupee almost held the overnight levels in relation to the dollar for buying and selling at Rs 110.54 and Rs 110.55 respectively, they said.
In the fourth Asian trade, the dollar held steady against a basket of major currencies on Thursday after the Federal Reserve signalled its confidence about inflation and growth in the world's biggest economy, reinforcing views it will raise rates several more times this year.
Traders are now awaiting a host of indicators including non-farm payrolls to see if they offer more than a brief respite to the ailing dollar.
The Fed kept interest rates unchanged on Wednesday but said inflation is likely to quicken this year, bolstering expectations borrowing costs will continue to climb under incoming central bank chief Jerome Powell.
The dollar was trading against the Indian rupee at Rs 63.590 and the greenback was at 6.292 in terms of the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Thursday: 82.90-82.90 (Previous 82.90-82.90).
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Bid Rate Rs 111.75
Offer Rate Rs 112.25
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday.
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Open Bid Rs 110.54
Open Offer Rs 110.55
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RUPEE IN LAHORE: The Pak rupee witnessed moderate gain in process of trading against the US dollar in the local currency market on Thursday.
According to currency dealers, the trading activity of the US dollar resumed on a negative note following lack of buyers’ interest in the market. Consequently, it was ended lower at Rs 111.85 and Rs 112.25 for buying and selling, respectively, as compared to the overnight closing trend of Rs 112.10 and Rs 112.60 respectively, they added.
On the contrary, the local currency failed to sustain its strength as it registered reduction versus the pound sterling.
The pound’s buying and selling rates rose from Wednesday’s closing of Rs 157.80 and Rs 158.10 to Rs 158.00 and Rs 159.00 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 Thursday.
The dollar opened at Rs 112.25 (buying) and Rs 112.35 (selling) against the last rate. It closed at Rs 112.25 (buying) and Rs 112.35 (selling).
