BR RESEARCH
KARACHI: The rupee extended weekend's decline against the dollar on the money market on Monday in the process of trading activity, dealers said.
Commenting on the latest developments in the money market, they said the rupee might travel cautiously versus the dollar in the short-run. The dollar-rupee parity may touch Rs 145 mark before likely International Monetary Fund (IMF) deal.
In the short-term, they said the rupee was likely to move cautiously versus the dollar in the process of strong demand of dollars.
INTER-BANK MARKET RATES: The rupee shed 11 paisas in terms of the dollar for buying and selling at Rs 140.89 and Rs 140.91 respectively, they said.
OPEN MARKET RATES: The rupee was unchanged versus the dollar for buying at Rs 142.00 while it lost 20 paisas for selling at Rs 142.70, they said. The rupee also fell by 30 paisas in terms of the euro for buying and selling at Rs 158.80 and Rs 160.60 respectively, they said.
In the first Asian trade, a surprise improvement in Chinese factory activity supported the yuan and Australian dollar on Monday, and provided a broader boost to global investor confidence, helping the dollar gain against the safe-haven yen.
Factory activity in China unexpectedly grew for the first time in four months in March, an official survey showed on Sunday, a sign government stimulus may be starting to take hold in the world's second largest economy.
The official Purchasing Managers' Index (PMI) rose to 50.5 in March from February's three-year low of 49.2, beating economists' median forecast of 49.5. That pushed the Australian dollar, often seen as an investment proxy for Chinese economic prospects, 0.15 percent higher to $0.7107. The Chinese yuan also gained 0.2 percent in offshore trade to 6.711 to the dollar.
The US dollar rose 0.15 percent to 110.93 yen, extending its advance from the 1-1/2-month low of 109.70 it touched a week ago.
The dollar was trading against the Malaysian ringgit 4.076 and the greenback was at 6.706 in terms of the Chinese yuan.
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Open Bid Rs.142.00
Open Offer Rs.142.70
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday.
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Bid Rate Rs.140.89
Offer Rate Rs.140.91
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RUPEE IN LAHORE: The Pak rupee depreciated its worth versus the major foreign currencies including the greenback and the British pound in the local currency market on Monday.
The short supply phenomenon of the greenback prevailed throughout the trading session which helped its appreciation for buying and selling at Rs 142.80 and Rs 143.50 against the previous closing trend of Rs 142.30 and Rs 142.90 respectively, local currency dealers said.
Likewise, the national currency also followed the same suit in relation to the pound sterling. Consequently, the pound's buying and selling rates rose from the Saturday's closing of Rs 183.30 and Rs 184.30 to Rs 185.10 and Rs 186.30 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 10 paisa against the rupee at the open currency markets of Islamabad and Rawalpindi here on Monday.
The dollar opened at Rs142.60 (buying) and Rs 142.70 (selling) against last rate of Rs142.50 (buying) and Rs 142.60 (selling). It closed at Rs 142.60 (buying) and Rs 142.70(selling).
The buying and selling rates of one tola of gold was Rs. 70,200 (selling) and Rs 70,000 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.
