RECORDER REPORT
KARACHI: The rupee posted fresh gains against the dollar on the money market on Thursday in the process of trading activity, dealers said.
OPEN MARKET RATES: The rupee picked up 10 paisas in terms of the dollar for buying and selling at Rs 117.20 and Rs 117.70, they said. The national currency also gained 15 paisas versus the euro for buying and selling at Rs 137.60 and Rs 139.10, they said.
In the fourth Asian trade, the dollar firmed on Thursday after the euro retreated to a five-month low on concerns political developments in Italy could cause wider disruptions in the euro bloc, while rising US Treasury yields knocked emerging market currencies lower.
The euro was last at $1.1827, up 0.15 percent on the day, after sliding overnight to $1.1763, its lowest since Dec. 18. The common currency has shed nearly 1 percent this week.
Political uncertainties in Italy, where populist parties have jostled to forge a common platform in a bid to lead the next government, have been a major drag on the euro.
The euro slid to the five-month low on reports Italy's anti-establishment 5-Star Movement and anti-immigrant League may ask the European Central Bank to forgive 250 billion euros of debt as the parties worked to draft a coalition programme.
The dollar was trading against the Indian rupee at 67.728, the greenback was at 3.968 in terms of the Malaysian ringgit and the US currency was available at 6.361. Inter bank buy/sell rates for the taka against the dollar on Thursday: 83.60-83.70 (Previous 83.60-83.60).
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Open Bid Rs.117.20
Open Offer Rs.117.70
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RUPEE IN LAHORE: The Pak rupee maintained upward trend for the third consecutive day in relation to the greenback in the local currency market on Thursday.
According to currency dealers, the greenback resumed trading on a negative and remained under pressure for another day note following lack of buyers' interest in the market. Consequently, it further ended lower for buying and selling at Rs 117.10 and Rs 117.60 as compared to the overnight closing rates of Rs 117.20 and Rs 117.65 respectively, they added.
In addition, the national currency moved both ways in process of trading versus the pound sterling. The British currency was bought and sold at Rs 157.10 and Rs 158.50 against Wednesday's closing rates of Rs 157.20 and Rs 158.40 respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged the open currency markets of Islamabad and Rawalpindi here on Thursday.
The dollar opened at Rs 117.50 (buying) and Rs 118 (selling) against same last rate. It closed at Rs 117.50 (buying) and Rs 118 (selling).
