Rupee gains on hopes of dollars’ inflow
Rising hopes for inflow of foreign exchange changed the exchange market sentiments and reduced speculations which strengthened the rupee significantly against the dollar on Monday.
The Saturday’s announcement on $7.6 billion IMF loan package for Pakistan supported the factors resisting the free fall of rupee and the local currency gained 35 to 40 paisas in the inter-bank market.
The dollar was traded at as low as Rs79.80 while it was at Rs80.20/25 on Saturday. This was a big slide of dollar which gained over 24 per cent since January 2008.
If the IMF board approves the agreement which is yet to be signed, Pakistan could get $4 billion in one year and that would fill the balance of payments gap.
The advisor to prime minister on finance had stated recently that the IMF loan would help Pakistan fill gaps (imbalances) of two years.
It was also announced that friends of Pakistan were ready to support, but they want endorsement of the IMF.
“The government’s announcement and IMF’s response largely impacted the market which cautiously moved in favour of rupee,” said Atif Ahmed, a currency dealer in the inter-bank market.
The currency dealers were cautious to predict about further recede of dollars against rupee, but said that the rupee may get more strength once dollars practically reach Pakistan and build the reserves.
“The speculative and panic elements will find it difficult to get place once reserves reach up to $12 billion and more,” said Atif.
Courtesy
Daily Dawn, 18/11/2008
Spot rates for public per unit of currency
November 17, 2008
Countries Selling Buying Buying
T.T & O.D T.T Clean O.D/T.Chq
U.S.A. 80.4 80.2 79.97
U.K. 118.69 118.4 117.94
Euro 101.12 100.87 100.48
Canada 65.14 64.98 64.81
Switzerland 67.11 66.95 66.77
Australia 51.98 51.85 51.72
Sweden 10.06 10.04 10.01
Japan 0.826 0.8239 0.8217
Norway 11.53 11.5 11.47
Singapore 52.88 52.75 52.61
Denmark 13.58 13.55 13.51
Saudi Arabia 21.43 21.38 21.32
Hong Kong 10.37 10.35 10.32
China 11.78 11.75 11.72
Kuwait 296.44 295.7 294.92
Malaysia 22.37 22.31 22.25
Source:-APP
Exchange Rates for Currency Notes
Countries Selling Buying
Rs. Rs.
U.S.A 81.2 79.17
S.Arabia 21.65 21.11
U.K 119.88 116.76
Japan 0.8342 0.8135
Euro 102.13 99.48
U.A.E 22.11 21.56
Source: -APP
Bullion rates in Rupees per 10 grams
on November 15, 2008
KARACHI
Gold Tezabi (24-ct) Rs 19,885
Silver Tezabi (24-ct) Rs 295.90
LAHORE
Gold Tezabi (24-ct) Rs 19,847
Gold (22-ct) Rs 18,193
Gold (21-ct) Rs 17,366
Silver Tezabi (24-ct) Rs 291.50
Silver Thobi (bar) Rs 282.90
MULTAN
Gold Tezabi (24-ct) Rs 19,810
Gold Tezabi (22-ct) Rs 18,110
Silver Tezabi Rs 344.00
Silver Thobi Rs 342.00
Note: (Bullion rates from Hyderabad not received). —APP
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