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An upward trend prevailed on the money market on Monday as the rupee managed to gain 10 paisas against the dollar in the process of trading, dealers said. The rupee did not show any change in relation to the dollar for buying and selling at Rs 104.85 and Rs 104.86 respectively, they said.

INTER-BANK MARKET RATES: OPEN MARKET RATES: The rupee picked up 20 paisas versus the dollar for buying and selling at Rs 106.30 and Rs 106.50 respectively; however, it lost 25 paisas in terms of the euro for buying and selling at Rs 114.00 and Rs 115.50 respectively, they said. In the first Asian trade, the dollar slowly ceded ground with greenback bulls still nursing grudges after the Federal Reserve's rate guidance last week proved to be less "hawkish" than many had wagered on.

There was limited initial reaction to the Group of 20 meeting over the weekend which retained the familiar form of words on currency intervention but dropped a pledge to avoid trade protectionism. "The G20 Meeting in Baden-Baden was notable for the impasse over free trade between most countries, which want to expand it, and the US which wants to weaken it," wrote analysts at CBA in a note.

"This is not a surprise for market participants judging from the Trump administration rhetoric." A holiday in Japan made for thin trading, leaving the dollar a fraction softer near two-week lows at 112.58 yen. That was some way from the March top of 115.51 and biased risks to a re-test of the February lows around 111.59/69.

Against a basket of currencies, the dollar was 0.1 percent softer at 100.210, having touched a five-week trough of 100.140 on Friday in the wake of the Fed's rate hike. The retreat left a double top on the charts at 102.25/26 that looks bearish for the near-term.

The dolar was trading against the Indian rupee at Rs 65.46, the greenback was at 4.4315 in terms of the Malaysian ringgit and the US currency was at 6.9040 in relation to the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Monday: 79.58-79.60 (previous 79.57-79.57).





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Open Bid Rs.106.30

Open Offer Rs.106.50

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Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday.





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Bid Rate Rs.104.85

Offer Rate Rs.104.86

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RUPEE IN LAHORE: The Pak rupee appreciated against the foreign currencies including the US dollar and British pound on the local currency market on Monday.

According to currency dealers, the US dollar resumed trading on a negative note and remained under pressure throughout the trading session. At the close, it fell to Rs 106.40 and Rs 106.75 on buying and selling sides, respectively, as compared to Saturday's closing rates of Rs 106.70 and Rs 107.00 respectively, they added.

Likewise, the national currency also followed the same suit versus the pound sterling. The pound's buying and selling rates went down from the last closing trend of Rs 131.00 and Rs 131.50 to Rs 130.80 and Rs 131.60, respectively, they said.

RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee was unchanged against the dollar at the open currency markets of Islamabad and Rawalpindi here on Monday.

The dollar opened at Rs 106 (buying) and Rs 106.50 (selling) against last rate of Rs 107.50 (buying) and Rs 107.60 (selling). At closed, it showed no variations for buying and selling levels.

Pound Sterling opened at Rs 130 (buying) and Rs 131.50 (selling). It closed at the same rate.

Copyright Business Recorder, 2017


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