The rupee, somehow, managed to stop sharp erosion in its value against dollar on interbank market at the weekend, dealers said. The rupee shed 20 paisa against the dollar for buying at 76.60 and it also lost 15 paisa for selling at 76.65 amid expectations that the State Bank of Pakistan (SBP) may enter with the preventive measures to stop the dollar’s berserk following the unforeseen uncertainties, money experts said.
Continued political instability and uncertainties about the law and order situation all over the country pushed the rupee’s value down versus dollar, they added. In the New York market at the weekend US dollar jumped to a six-month high against euro, buoyed by another drop in oil prices and growing views the US economic slowdown may be bottoming while growth in the euro zone stalls.
The dollar posted a fifth week of gains against euro as investors shifted their view on the global economy’s ability to withstand a downturn initiated in the United States. The greenback has rallied nearly six percent against the euro zone single currency this month.
OPEN MARKET RATES: The rupee firmly held its overnight levels against the dollar for buying and selling at 76.50 and 77.00, respectively. The rupee followed same trend against euro for buying and selling at Rs 111.80 and Rs 112.00, they said. The single European currency was still under pressure versus dollar in the overseas market, they added.
Interbank Closing Rates: Interbank Closing Rates For Dollar On Saturday.
RUPEE IN LAHORE: The rupee shed 10 paisa against dollar on buying side while it gained 25 paisa on the selling in Lahore currency market on Saturday. The dollar rate on the buying side moved up from overnight Rs 76.50 to Rs 76.60 while its selling rate slid from Rs 77.25 to Rs 77.00. The rupee remained unchanged against the pound sterling on buying side while it appreciated on the selling side. At the end of trading, the pound finished at Rs 141.50 and Rs 142.50 as compared to Friday’s 141.50 and Rs 142.75 on buying and selling counters, respectively.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee gained 30 paisa against dollar at the currency markets of Islamabad and Rawalpindi on Saturday. The dollar opened at Rs 76.20 (buying) and Rs 76.30 (selling) against last rate of Rs 76.50 (buying) and Rs 76.60 (selling). It did not observe further change in the evening session and closed at Rs 76.20 (buying) and Rs 76.30 (selling). Pound sterling opened at Rs 141.70 (buying) and Rs 141.80 (selling) against last rate of Rs 142 (buying) and Rs 143 (selling). It did not observe further change in the evening session and closed at Rs 141.70 (buying) and Rs 141.80 (selling).
Source: Business Recorder, 17/8/2008