BR RESEARCH
KARACHI: The rupee failed to maintain weekend levels against the dollar on the money market on Monday in the process of trading activity, marketmen said.
INTER-BANK MARKET RATES: The rupee shed about 15 paisas versus the dollar for buying and selling at Rs 156.98 and Rs 157.00 respectively, they said.
OPEN MARKET RATES: The rupee dropped 30 paisas in terms of the dollar for buying at Rs 156.00 while it showed no change for selling Rs 156.70, while it fell in relation to the euro for buying and selling at Rs 176.80 and Rs 179.00 respectively, they said.
In the first Asian trade, the euro rose to a three-month high against the dollar on Monday, as bearish bets on the US currency remained solid on prospects of a near-term interest rate cut by the Federal Reserve.
The euro stretched its rally last week, up 1.4 percent, and advanced about 0.15 percent to $1.1386 in early Asian trade, its highest since March 22.
The dollar index versus a basket of six major currencies was a shade lower at 96.135, having struck 96.093 on Friday, its lowest since March 21, after the Fed last week opened the door for a potential rate cut as early as next month.
That weighed on the dollar and in turn reinvigorated its counterparts like the euro, which has had troubles of its own including Italy's debt problem and the possibility of the European Central Bank having to ease policy.
The dollar nudged up 0.1% to 107.400 yen after retreating to a near six-month low of 107.045 on Friday.
The dollar was trading against the Indian rupee at Rs 69.570, the greenback was at 6.876 in terms of the Malaysian ringgit and the US currency was at 6.8675 versus the Chinese yuan.
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Open Bid Rs.156.00
Open Offer Rs.156.70
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday.
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Bid Rate Rs.156.98
Offer Rate Rs.157.00
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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.
According to currency dealers, the short supply phenomenon of the greenback prevailed throughout the trading session which helped its appreciation for buying and selling at Rs 156.50 and Rs 157.30 against the previous closing trend of Rs 156.10 and Rs 157.20 respectively.
Likewise, the national currency also followed the same suit in relation to the pound sterling. Consequently, the pound's buying and selling rates significantly rose from the Saturday's closing of Rs 197.50 and Rs 198.50 to Rs 198.20 and Rs 199.00 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 25 paisas against the rupee at the local currency markets of Islamabad and Rawalpindi here on Monday.
The dollar opened at Rs 157.50 (buying) and Rs 157.60(selling) against last rate of Rs 157.25 (buying) and Rs 157.35 (selling). It closed at Rs 157.50 (buying) and Rs 157.60 (selling).
The buying and selling rates of one tola of gold was Rs 83,310 (selling) and Rs 83,000 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.
