BR RESEARCH
KARACHI: The rupee firmed against the dollar on the money market on Thursday in the process of trading activity, dealers said.
OPEN MARKET RATES: The rupee remained unchanged in relation to the dollar for buying and selling at Rs 118.20 and Rs 118.70 respectively, they said. The rupee picked up 70 paisas in terms of the euro for buying and selling at Rs 141.60 and Rs 143.10 respectively, they added.
INTER-BANK MARKET RATES: The rupee followed suit in relation to the dollar for buying and selling at Rs 115.61 and Rs 115.62 respectively, they said.
In the fourth Asian trade, the dollar traded below a four-month high against a basket of currencies on Thursday, with the focus shifting to economic data after the Federal Reserve did little to alter market expectations for further interest rate rises this year.
On Wednesday, the Fed left its benchmark overnight lending rate in a target range of between 1.50 percent and 1.75 percent as had been widely expected.
Its rate-setting committee said inflation had "moved close" to its target and that "on a 12-month basis is expected to run near the Committee's symmetric 2 percent objective over the medium term."
Analysts said the use of the word "symmetric" suggests that the Fed may allow inflation to run above its 2 percent target, a stance that would limit the need for the central bank to embark on a more aggressive path of monetary tightening in response to recent rises in inflation.
The dollar was trading against the Indian rupee at Rs 66.605, the greenback was at 3.937 versus the Malaysian ringgit and the US currency was available at 6.364 against the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Thursday: 82.98-82.98 (Previous 82.98-82.98).
OPEN MARKET RATES: The rupee dropped by 10 paisas in relation to the dollar for buying and selling Rs 111.50 and Rs 111.80 respectively, however it gained 70 paisas against the euro for buying and selling at Rs 136.80 and Rs 138.30 respectively, they added.
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Open Bid Rs.118.20
Open Offer Rs.118.70
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday.
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Bid Rate Rs.115.61
Offer Rate Rs.115.62
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RUPEE IN LAHORE
LAHORE
The Pak rupee showed strength and gained 10-paisa on buying side while it stayed unchanged on selling side in relation to the greenback in the local currency market on Thursday.
The dollar resumed trading at its day earlier closing of Rs 118.40 and Rs 118.70 as its buying and selling rate, respectively. However, following strong supply, the dollar could not sustain and declined to Rs 118.30 on buying side whereas its selling rate did not observe any change and ended at Rs 118.70, the currency dealers said.
The rupee continued rising trend for the second day and appreciated its worth against the pound sterling. The pound’s rate further declined from the overnight closing of Rs 161.20 and Rs 162.00 to Rs 160.80 and Rs 161.50 on buying and selling counter, respectively, they added.
RUPEE IN ISLAMABAD
The dollar gained 10 paisa against the rupee at the open currency markets of Islamabad and Rawalpindi here on Thursday.
The dollar opened at Rs 11.30 (buying) and Rs 118.40 (buying) against last rate of Rs 118.20 (buying) and Rs 118.40 (buying). It closed at Rs 11.30 (buying) and Rs 118.40 (buying).
