Dollar gains significant strength against Pakistan rupee-October-11-2008


KARACHI: The dollar gained significant strength against the rupee in the inter-bank market throughout the week’s trading, dealers said on Saturday. The national currency remained under huge pressure as the dollar was gaining significant highs amid rise in its demand, but after the SBP’s intervention to stop rupee’s further fall against the dollar, the rupee succeeded to recover. The greenback started off the week’s trading at Rs 78.30 for buying and after gaining strength closed at Rs 79.14 for buying and Rs 79.19 for selling at the end of the week’s trading. Thus, the national currency incurred a loss of 84 paisas. The single currency moved positively against the national currency during the week’s trading. The 15-nation currency started off the week’s trading at Rs 107.51 for buying, appreciated and was changing hands at Rs 107.62 for buying and Rs 107.82 for selling at the end of the day’s trading. Thus, the national currency recorded a loss of 11 paisas against the euro. The pound sterling shed major grounds against the national currency, as it kicked off the week’s trading at Rs 138.34 for buying, depreciated and was changing hands at Rs 133.72 for buying and Rs 133.92 for selling at the end of the week’s trading. Therefore, the national currency incurred a gain of Rs 4.62.

Open market: In the open market the dollar touched new highs against the rupee during the week’s trading, dealers said. The national currency lost major grounds against the dollar and ended the week on a negative note. The greenback kicked off the day’s trading at Rs 78.20 for buying, appreciated and was changing hands at Rs 79.80 for buying and Rs 80 for selling at the end of the week’s trading. Thus, the national currency incurred a loss of Rs 1.60. On the other hand, the dollar touched Rs 80 mark in the middle, however timely intervention was made by SBP that prevented rupee from further losses. Federal Bureau of Statistics announced that trade deficit had widened to $5.549 billion during the period of July – September. The Europe’s shared currency (euro) did not witness any change in its strength as it commenced off the day’s trading at Rs 108 for buying and closed at the same at the end of the week’s trading. The British currency remained on a negative note as it kicked off the week’s trading at Rs 137.70 for buying.

Source: Daily Times, 12/10/2008

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