They said the market observed profit-taking as a result of panic buying of dollars, today dollar was higher and if it continued upward march on Friday, it may gain further next week against the dollar. Profit seekers were busy in forward buying of dollars and this is another major reason behind the dollar's surge after payments requirements, they said.
INTERBANK MARKET RATES: The rupee failed to resist more erosion against the dollar, losing 20 paisa for buying and selling at 97.40 and 97.42, they said.
OPEN MARKET RATES: The rupee was down by 40 paisa in terms of the dollar for buying and selling at 98.00 and 98.20, they said. The rupee also lost 80 paisa versus the euro for buying and selling at Rs 127.30 and Rs 128.30, they said.
In the fourth Asian trade, the dollar was defensive after the US Federal Reserve unveiled a fresh bond-buying stimulus programme but the yen languished at nine-month lows against the US currency on expectations of more money printing in Japan.
The Fed surprised markets by explicitly linking its policy path to unemployment and inflation but that had little immediate impact because the Fed's latest economic projections suggested no change in its previous pledge to keep rates near zero until mid-2015.
The dollar was trading against the Indian rupee at Rs 54.22, the greenback was at 3.0480 in terms of the Malaysian ringgit and the US currency was available at 6.2400 in relation to the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Thursday: 80.45-80.50 (previous 80.60-80.65). Call Money Rates: 08.00-10.75 percent (previous 07.05-08.75 percent).
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Open Buying Rs 98.00
Open Selling Rs.98.20
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday.
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Bid Rate Rs.97.40
Offer Rate Rs.97.42
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RUPEE IN LAHORE: The national currency maintained downward slide and remained under pressure against the greenback and the pound sterling on the local currency market on Thursday.
According to the currency dealers, the rupee lost 20-paisa on buying side and 30-paisa on selling side against the US dollar that crossed for the first time the level of Rs 98. On close of trading, it was ended at Rs 97.9 and Rs 98.3 on buying and selling counters against the overnight closing of Rs 97.7 and Rs 98, respectively.
Similarly, the Pak rupee shed 70-paisa on buying side and 50-paisa on selling side in relation to the pound sterling. The pound was improved to Rs 157 and Rs 157.5 against the Wednesday closing of Rs 156.3 and Rs 157 as its buying and selling rates respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar on the open currency markets of Islamabad and Rawalpindi here on Thursday. The dollar opened at Rs 97.3 (buying) and Rs 97.4 (selling) against same last rate. It did not observe further change in the evening session and closed at Rs 97.3 (buying) and Rs 97.4 (selling). Pound Sterling opened at Rs 155.5 (buying) and Rs 156.5 (selling) against the same last rate. It did not observe further change in the second session and closed at Rs 155.5 (buying) and Rs 156.5 (selling).