They said the feature of the week is central bank decision on monetary policy, as almost all traders awaited the move will improve trade activity in the country. According to the market-men, the importers are feared as foreign exchange reserves are diminishing day by day, covering forward buying. Approximately, they bought 1.2 million dollars as a result it looks that the rupee may face further erosion in days to come, they said.
In fact, they said, to please business community, the government wants to create business-friendly atmosphere in the coming days to make its way easy and smooth to win election next year. The simple is that when election days come close, political leaders apparently take measures for the betterment of the nation, but when they come in power, the masses face hardship just like long queues at the compressed Natural Gas (CNG) stations. After waiting for many hours at the CNG stations, the people get fed up when they, some how, were able to purchase little quantity of CNG at the higher.
INTER-BANK MARKET RATES: The rupee extended its slide in relation to the dollar losing 18 paisa for buying at 96.90 and the national currency fell by 21 paisa for selling at 96.95, they said.
OPEN MARKET RATES: The rupee, in sympathy with the inter-bank market track, depreciated by 20 paisa in terms of the dollar for buying and selling at 97.40 and 97.60, they said. The rupee also lost the same amount versus the euro for buying and selling at Rs 125.20 and Rs 126.20, they said.
In the first Asian session, the euro flirted with two-week lows against the dollar after Italian Prime Minister Mario Monti offered to resign, raising political uncertainty over who will lead the euro zone's third-biggest economy. The single currency was also undermined by the prospect of a recession in Germany and expectations of a future rate cut by the European Central Bank (ECB).
Inter bank buy/sell rates for the taka against the dollar on Monday: 80.90-80.95 (previous 80.95-81.00). Call Money Rates: 07.75-08.00 percent (previous 06.05-08.75 percent). The dollar was trading against the Indian rupee at Rs 54.31; the greenback was at 3.0565 in terms of the Malaysian ringgit and the US currency 6.2293.
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Open Buying Rs 97.40
Open Selling Rs 97.60
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday.
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Bid Rate Rs 96.90
Offer Rate Rs 96.95
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RUPEE IN LAHORE: The rupee opened the week, on a negative note, depreciating against the US dollar on the local currency market on Monday.
According to the currency dealers, the dollar resumed trading on a positive sign and kept on moving up following fresh demand. At the close of trading, the dollar was ended higher at Rs 97.40 and Rs 97.70 as its buying and selling rates against Rs 97.30 and Rs 97.60, respectively.
On the contrary, the rupee regained some of its last week loss and was improved against the pound sterling. The pound was traded at Rs 154.70 and Rs 155.50 on buying and selling counters as compared to last Saturday closing of Rs 155.00 and Rs 156.00, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against dollar on the open currency markets of Islamabad and Rawalpindi here on Monday. The dollar opened at Rs 96.9 (buying) and Rs 97 (selling) against same last rate. It did not observe further change in the evening session and closed at Rs 96.9 (buying) and Rs 97 (selling). Pound Sterling opened at Rs 153 (buying) and Rs 153.5 (selling) against the same last rate. It did not observe further change in the second session and closed at Rs 153 (buying) and Rs 153.5 (selling).