Friday, September 11, 2009
THE RUPEE: dollar gains more
Posted by imdurrani Labels: forex market, Pak Economy, pakistan, Pakistani Rupee, World Currencies, world forexSaturday, September 05, 2009 KARACHI: Persisting demand for dollars did not allow the rupee to shed its losses against the greenback on the currency market on Friday, dealers said. On the interbank market, the rupee shed five paisa against dollar for buying and selling at 82.90 and 82.95, they said. Market sources said that the weaker rupee is good to attract the buyers in the international market, in the meantime, they said that the rupee may trim its losses as a result of easy supply of the US currency. Open Buying Rs 82.70 Open Selling Rs 82.80 Interbank Closing Rates: Interbank Closing Rates For Dollar On Friday. Buying Rs 82.90 Selling Rs 82.95 (BRecorder)
During the final Asian session dollar held steady above this week's seven-week low against yen and kept a firmer tone against euro as investors hunkered down to await US non-farm payrolls later in the day. The market is uncertain how dollar will react to the August non-farm payrolls report due at 1230 GMT, after it lost its toehold above 93.00 yen at the start of this week and hit its lowest since mid-July just above 91.90 on Thursday.
OPEN MARKET RATES: The rupee retained its levels against dollar for the second day for buying and selling at 82.70 and 82.80, dealers said. Meanwhile the rupee gained 20 paisa in terms of euro for buying and selling at Rs 117.55 and Rs 118.05, they said.
THE RUPEE: all-round gains
Posted by imdurrani Labels: forex market, forex trading, pakistan, Pakistani Rupee, World Currencies, world forexThursday, September 03, 2009
KARACHI: The rupee retained its firmness against dollar on the currency market on Wednesday, dealers said. On the interbank market the rupee extended its gains, rising 22 paisa versus dollar for buying at 82.70 and rose by 23 paisa for selling at 82.75, dealers said. In the third Asian trading session yen retreated from a seven-week high against dollar and euro, pushed back after economic growth in Australia supported the case for an early rise in rates and powered the Australian dollar higher.
Most regional shares fell as concerns about the financial sector outweighed data showing growth in the US manufacturing sector and dragged Wall Street down, sending the low-yielding yen up against riskier currencies initially.
OPEN MARKET RATES: The rupee managed to gain 30 paisa against dollar for buying and selling at 82.70 and 82.80, dealers said. The rupee also picked up 20 paisa versus euro for buying and selling at Rs 117.15 and Rs 117.65, they said.
Open Buying Rs 82.70
Open Selling Rs.82.80
Interbank Closing Rates: Interbank Closing Rates For Dollar On Wednesday
Buying Rs.82.70
Selling Rs.82.75
(BRecorder)
Yen and dollar rise
Posted by imdurrani Labels: Asia, forex trading, US, World Currencies, world finance, world forex
The decline came despite upbeat economic news from the United States and euro zone as well as a stabilisation in Chinese shares after a rout on Monday. The hedge fund talk "is a huge driver" of currency markets, said Dan Cook, senior market analyst at IG Markets Inc in Chicago. "When you have data like we had but the Dow drops, people are running for that safe haven." In late afternoon trading in New York the dollar index, which tracks a basket of six major currencies, was up 0.7 percent at 78.747, rebounding from a session low of 77.944, according to Reuters data.
The dollar was down 0.1 percent against the yen at 92.89 yen, above Monday's seven-week low of 92.53, according to Reuters data. But the yen was up 1 percent against the Canadian dollar, 0.7 percent against the Swiss franc, 0.9 percent against the euro and 0.8 percent against the pound. The euro was down 0.8 percent against the dollar at $1.4212, well below a session high of $1.4377.
The US manufacturing sector expanded in August for the first time in more than a year and a half. The Institute for Supply Management's index of national factory activity rose to 52.9 from 48.9 in July. Separate data showed pending sales of previously owned US homes raced to a two-year high in July, further evidence the housing market was on a steady recovery path.
"Clearly, the US data is surprising to the upside," said Jack Iles, senior portfolio manager who helps manage $2.5 billion assets at MFC Global Investment Management in Boston. But despite a batch of upbeat US economic numbers, major currencies remained in ranges as investors continued to debate about the outlook for the global economy, analysts said.
THE RUPEE: dollar turns lower
Posted by imdurrani Labels: forex trading, Pak Economy, pakistan, Pakistani Rupee, World Currencies, world forexTuesday, September 01, 2009
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THE RUPEE: dollar higher
Posted by imdurrani Labels: forex market, pakistan, Pakistani Rupee, World Currencies, world forexKARACHI: The rupee moved both ways on the currency market on Thursday amid rising demand for the greenback, money analysts said. On the interbank market the rupee fell by 13 paisa against dollar for buying and selling at 82.88 and 82.93, experts said. Open Buying Rs 82.70 Open Selling Rs.82.80 Interbank Closing Rates: Interbank Closing Rates For Dollar On Thursday. Buying Rs.82.88 Selling Rs.82.93 (BRecorder) Visit Finance.KalPoint.Com for latest financial stories...
In the fourth Asian trading yen rose broadly as investors fretted that a rally in risk assets since March may have run ahead of a recovery in the global economy and on worries about the outlook for Chinese shares.
OPEN MARKET RATES: The rupee did not move any side in relation to dollar for buying and selling at 82.70 and 82.80, dealers said. The rupee, however, managed to gain modestly against the euro rising 55 paisa for buying at Rs 117.10 and it also gained 65 paisa for selling at Rs 117.60, they said.
Euro Libor rates mark new lows
Posted by imdurrani Labels: Europe, forex trading, World Currencies, world forex
Despite around 160 billion euros of excess liquidity in the system, loans to eurozone households and businesses fell in July to record their slowest annual growth ever, the European Central Bank said on Thursday. "The key thing is that there is little sign that the ECB's liquidity provisions are encouraging banks to lend to the wider economy," said Ben May, an economist at Capital Economics.
Meanwhile, ECB Governing Council member Mario Draghi was the latest central banker to sound a cautionary note, saying the global financial and economic crisis is easing but the outlook remained uncertain. His comments echo those of other policymakers in recent days, which have supported government bonds and interest rate futures in the eurozone.
"There doesn't appear to be any final demand behind the positive indicators we're seeing, it's more an inventory cycle thing going on at the moment," said Nordea's chief analyst Niels From.
Benchmark three-month euro Libor rates were almost a basis point lower at 0.8025 percent, with the dollar equivalent just over a basis point lower at 0.36036 percent. The premium that dollar Libor trades over a risk-free benchmark, Overnight Index Swap rates - a gauge of stress in the banking sector - fell to 18 basis points, a level seen in August 2007 just as the credit crisis erupted.
THE RUPEE: dollar slightly low
Posted by imdurrani Labels: forex market, pakistan, Pakistani Rupee, World Currencies, world forexKARACHI: The rupee was firmer against dollar on currency market on Wednesday despite the higher demand for the US currency, money analysts said. On the interbank market the rupee rose by 3 paisa against dollar for buying and selling at 82.70 and 82.80, experts said. Open Buying Rs 82.70 Open Selling Rs.82.80 Interbank Closing Rates: Interbank Closing Rates For Dollar On Wednesday. Buying Rs.82.75 Selling Rs.82.80 (BRecorder)
Amid third Asian session yen and dollar slipped, giving back early gains, as volatile Chinese shares rose and crude trimmed its losses, helping higher-yielding and commodity-linked currencies back from the day's lows.
OPEN MARKET RATES: The rupee rose by 10 paisa more against dollar for buying and selling at 82.70 and 82.80, dealers said. The rupee, however, fell in relation to euro shedding 10 paisa for buying at Rs 117.65 and losing 20 paisa for selling at Rs 118.25, they said.
THE RUPEE: dollar suffers all-round fall
Posted by imdurrani Labels: forex market, forex trading, Pak Economy, pakistan, Pakistani Rupee, World CurrenciesKARACHI: First session of Ramazan commenced on the positive note on Tuesday as the rupee managed to gain sharply against dollar on the interbank market due to easy supply of the US currency, money experts said. The rupee gave up overnight weakness in relation to dollar, rising 27 paisa for buying and selling at 82.78 and 82.83, they said. Open Buying Rs 82.80 Open Selling Rs 82.90 Interbank Closing Rates: Interbank Closing Rates For Dollar On Tuesday. Buying Rs.82.78 Selling Rs.82.83 (BRecorder) Visit Finance.KalPoint.Com for latest financial stories...
During the second Asian session yen headed higher as share markets fell and investor interest in higher-yielding currencies ebbed, while currencies took in their stride news that Federal Reserve chief Ben Bernanke would be re-appointed. A US administration official said President Barack Obama would reappoint Bernanke for a second term as Fed chairman.
OPEN MARKET RATES: The rupee recovered 10 paisa in terms of the US currency, rising 10 paisa for buying and selling at 82.80 and 82.90, dealers said. The rupee also picked up 15 paisa in relation to the euro for buying and selling at Rs 117.55 and Rs 118.05, they said.
Indian rupee drops
Posted by imdurrani Labels: Asia, forex market, India, World Currencies, world forex
"There was only buying today. Even when Sensex was up 400 points yesterday, the dollar-rupee was bid. Today equities were negative for large part of the day, so one can imagine," said Madhusudan Somani, head of foreign exchange trading at Yes Bank.
"There was decent demand from oil companies, along with some month-end demand as well, keeping it bid. Lack of inflows completely skews the demand-supply picture, so the downside for the dollar-rupee is limited," he added. One-month offshore non-deliverable forward contracts were quoting at 48.80/90.
In the currency futures market, the most traded near-month contract on the National Stock Exchange and MCX-SX closed at 48.7775 and 48.7850 respectively, with the total traded volume on the two exchanges at a high $2.2 billion.
Sterling hits 2-1/2 month low
Posted by imdurrani Labels: forex market, World Currencies, world forex
Surprisingly strong US housing and consumer confidence data fuelled a stock market recovery which lifted sterling as much as a cent from the day's low versus the dollar, but wasn't enough to fully eclipse the bearish sentiment clouding it.
The yield on the two-year UK gilt fell to its lowest ever level, reflecting the view that UK interest rates will stay low for a protracted period to revive the struggling economy. British mortgage data on Tuesday were mixed - mortgage approvals in July jumped to their highest in 17 months but growth in net lending was the weakest in nine years.
"We've had a cumulative build in risk appetite during the day ... but one thing that's been striking has been the powerful upswing in cable is starting to peter out, and euro/sterling is starting to trend higher," said Robert Minikin, senior currency strategist at Standard Chartered in London.
At 1505 GMT, the euro was up 0.4 percent on the day at 87.45 pence. The euro rose to its highest level since June 8 at 87.575 pence, pushing further away from technical support at the 100-day moving average of 86.96 pence. Euro/sterling, on its longest winning streak since March of five consecutive daily gains, on Monday posted its first close above the 100-day moving average since April 4, Reuters charts showed.
Pak Rupee: Dollar moves both ways
Posted by imdurrani Labels: forex market, forex trading, pakistan, Pakistani Rupee, World CurrenciesThursday July 16, 2009
KARACHI: The rupee gained sharply on the interbank market on Wednesday, it, however, crossed the barrier of 83 on the open market, analysts said. On the interbank market the rupee managed to gain 18 paisa against dollar for buying at 82.32 and 21 paisa for selling at 82.34, they said.
In the meantime, the rupee showed further decline, touching 83 low level in terms of the US currency, they said. Falling value of rupee on the open market is giving an impression that the rupee may lose further on the interbank market in the near future, they added. They said that slide in rupee's value is benefiting for the textile and rice exporters. It looks that the rupee may continue to fall this year also after an erosion of 30 percent value of the rupee during the last fiscal year, they added. In the third Asian trade yen maintained a soft tone, after falling the previous day when upbeat results from Goldman Sachs and Intel boosted investor risk appetite for stocks and modest hopes for an economic recovery. But some analysts said that the reaction from the currency and stock markets could have been stronger, underlining caution ahead of more earnings results and data.
Open Market Rates: The rupee lost 40 paisa versus dollar for buying at 82.70 and 30 paisa for selling at 83.00, dealers said. The rupee followed same pattern against euro losing 49 paisa for buying and selling at Rs 114.54 and Rs 115.54, they said.
Buying Rs 82.32
Selling Rs 82.34
Interbank Closing Rates: Interbank Closing Rates For Dollar On Wednesday.
Open Buying Rs 82.70
Open Selling Rs 83.00
(BRecorder)
Pak Rupee: Dollar moves upwards
Posted by imdurrani Labels: forex market, forex trading, Pak Economy, pakistan, Pakistani Rupee, World CurrenciesWednesday July 15, 2009
KARACHI: Bears dominated on the currency market on Tuesday as the rupee continued downward drift against dollar on both the interbank and open market, analysts said. On the interbank market, the rupee tended lower versus dollar, shedding 10 paisa for buying and selling at 82.50 and 82.55, they added.
In the second Asian trade yen was steady against dollar and euro, recovering from earlier losses, as investors braced for earnings reports including one from Goldman Sachs as well as economic data in the United States. The yen initially slipped on hopes that US financial sector earnings would be better than previously thought but it climbed back as investors played it safe before the figures are announced amid persistent worries over the global economy.
Open Market Rates: The rupee held its overnight level against dollar for buying at 82.30 while it shed 10 paisa for selling at 82.70, dealers said. Meanwhile the rupee maintained its overnight level in relation to euro for buying and selling at Rs 114.05 and Rs 115.05, they said.
Buying Rs 82.50
Selling Rs 82.55
Interbank Closing Rates: Interbank Closing Rates For Dollar On Tuesday.
Open Buying Rs 82.30
Open Selling Rs.82.70
(BRecorder)
Pak Rupee: Dollar at 82
Posted by imdurrani Labels: Asia, forex market, forex trading, pakistan, Pakistani Rupee, World CurrenciesKARACHI: The rupee has failed to come out of weak spells on rising demand by the importers, falling 25 paisa against dollar for buying and selling at 82.00 and 82.05, dealers said on the interbank market on Friday.
Increasing demand by importers, forced the rupee to come down versus dollar and it is most likely it may not be able to resist sharp losses for the near future, they said. In the final Asian session yen held steady, holding below the week's peaks with investors cautious as the US corporate earnings season gets under way, while euro lost ground against dollar and yen.
The yen hit a five-month high against dollar this week and surged to two-month highs against euro and Australian dollar as investors unwound bets in riskier assets that they made using the low-yielding Japanese currency.
Open Market Rates: The rupee drifted lower against the US currency, losing 20 paisa for buying at 82.00 and 25 paisa for selling at 82.30, dealers said. The rupee followed the same pattern in relation to euro, falling 46 paisa for buying and selling at Rs 112.84 and Rs 113.84, they said.
Buying Rs 82.00
Selling Rs 82.05
Interbank Closing Rates: Interbank Closing Rates For Dollar On Friday.
Open Buying Rs 82.00
Open Selling Rs 82.30
(BRecorder)
Yen extends gains against dollar
Posted by imdurrani Labels: forex market, forex trading, World Currencies| Saturday July 11, 2009 |
| LONDON: The dollar fell on Friday against the yen but rose against the euro as investors sought safe-haven currencies in the face of uncertain global recovery prospects and awaited quarterly company results. In afternoon London trade, the European single currency fell to 1.3927 dollars from 1.4024 dollars in New York late on Thursday. The dollar slid to 92.31 yen from 92.96 yen late Thursday. Many investors regard the dollar and yen as safe investments in times of economic uncertainty. The Japanese unit resumed its rally as investors digested disappointing news that the University of Michigan's US consumer confidence index plunged to 64.6 points this month from 70.8 in June, a far sharper fall than had been expected. "The clear winner has been the yen," said economist Derek Halpenny at The Bank of Tokyo-Mitsubishi UFJ in London. "It is the only major currency that has managed to advance against the dollar over the period since the equity markets in the US peaked on June 12. "Until sentiment shifts in the financial markets, the likelihood is that yen appreciation could persist." Added Lloyds TSB Corporate Markets analysts in a note: "The markets will also be watching the progression of the second-quarter US earnings season." Meanwhile the Group of Eight (G8) meeting in Italy drew to a close with little impact on foreign exchange market sentiment. Elsewhere, Japanese Economic and Fiscal Policy Minister Yoshimasa Hayashi said that the yen's rise posed a threat to Japanese exporters. "For this reason, we need to keep monitoring moves in the stock and currency markets closely," he told reporters. Markets are watching official Japanese comment carefully for any signs that Tokyo may be considering intervening in the market to curb the yen's rise, although analysts say it is unlikely to make a move at current levels. Traders were also pondering data showing that Japanese wholesale prices dropped by a record 6.6 percent in June from the previous year, deepening concerns that the economy is heading into another bout of deflation. In London trade on Friday, the euro was changing hands at 1.3927 dollars against 1.4024 dollars late on Thursday, 128.50 yen (130.42), 0.8605 pounds (0.8580) and 1.5124 Swiss francs (1.5120). The dollar stood at 92.31 yen (92.96) and 1.0862 Swiss francs (1.0779). The pound was at 1.6181 dollars (1.6341). On the London Bullion Market, the price of gold rose to 913 dollars an ounce at the fixing from 911.75 dollars an ounce late on Thursday. (AFP) |
Pak Rupee: Dollar gains five paisa more
Posted by imdurrani Labels: forex market, forex trading, pakistan, Pakistani Rupee, World CurrenciesFriday July 10, 2009
KARACHI: Bearish sentiment persisted on the interbank market on Thursday as the rupee fell five paisa more against dollar for buying and selling at 81.75 and 81.80, dealers said. Strong demand for dollars kept the rupee in drifting position and it appeared that if buying pressure continues, the rupee may touch the mark of 82, they said.
In the fourth Asian trade yen slid, falling from a five-month high against dollar and a two-month peak versus euro hit the previous day when doubts about the health of the global economy spurred risk aversion. The dollar and euro both fell more than two percent against yen on Wednesday, posting their sharpest one-day drops since March, according to data from trading platform EBS.
Open Market Rates: The rupee moved both ways versus dollar as it lost five paisa for buying at 81.80 while it gained the same amount for selling at 82.05, dealers said. The rupee maintained its surge versus euro rising 19 paisa for buying and selling at Rs 112.38 and Rs 113.38, they said.
Buying Rs 81.75
Selling Rs 81.80
Interbank Closing Rates: Interbank Closing Rates For Dollar On Thursday.
Open Buying Rs 81.80
Open Selling Rs 82.05
(BRecorder)
Dollar falls as risk appetite returns
Posted by imdurrani Labels: global economy, US, World Currencies, world finance| Friday July 10, 2009 |
| LONDON: The dollar and yen both fell on Thursday as investors recovered their appetite for risk and other major currencies recouped some of their losses the day before. Sterling got a boost from a decision by the Bank of England to keep its main interest rate unchanged and hold steady its asset purchase facility despite market expectations that the programme would be expanded. In late London trade, the European single currency rose to 1.4034 dollars from 1.3885 dollars in New York late on Wednesday. The dollar fell to 92.77 yen from 92.86 yen late Wednesday. Mounting uncertainty about prospects for a global economic recovery has in recent days supported the yen, which is seen as a safe haven during times of market turmoil, dealers said. "The huge out performance of the yen during the last week is a clear and screaming sign of risk aversion," said Societe Generale analyst Patrick Bennett. Investor sentiment soured after Group of Eight leaders meeting Wednesday in the Italian town of L'Aquila warned that the World economy was still in danger. In a communique, the G8 nations said there remained "significant risks" for economic and financial stability. During the meeting, China's state councillor Dai Bingguo Thu told leaders that the international currency regime should become more diversified, a Chinese official told reporters. This added to pressure against the dollar, which is the world's biggest reserve currency. Any diversification would reduce demand for the US unit. In other news of interest to the foreign exchange market, leaders are to pledge to abstain from competitive currency devaluations in a joint statement to Thursday. Investors also absorbed news that new claims for US unemployment benefits fell 8.4 percent last week to a six-month low, suggesting some improvement in the troubled job market. The Labour Department said that initial claims for unemployment insurance benefits fell to a seasonally adjusted 565,000 in the week ended July 4. In Britain, the Bank of England surprisingly decided against pumping billions of extra pounds into money markets to boost lending on Thursday, as it kept its key interest rate at a record-low 0.5 percent. While the rate decision was widely expected, many economists believed the BoE's Monetary Policy Committee would announce plans to create an extra 25 billion pounds (28.9 billion euros, 40.4 billion dollars) under its quantitative easing (QE) scheme. "The Bank's decision not to inject further money into its quantitative easing programme has caught the market off guard and the relief has helped return short-term confidence in sterling," said Mark O'Sullivan at Currencies Direct. Under QE a process which amounts to creating new money the British central bank buys government bonds from commercial banks in the hope that the institutions will lend once again to businesses and individuals. In London trade Thursday, the euro was changing hands at 1.4034 dollars against 1.3885 dollars late on Wednesday, 129.50 yen (128.96), 0.8608 pounds (0.8642) and 1.5127 Swiss francs (1.5132). The dollar stood at 92.77 yen (92.86) and 1.0835 Swiss francs (1.0895). The pound was at 1.6217 dollars (1.6063). On the London Bullion Market, the price of gold fell to 911.75 dollars an ounce from 918 dollars an ounce late on Wednesday. (AFP) |
Yen eases against dollar in Asia
Posted by imdurrani Labels: Asia, forex trading, World Currencies, world finance, world forex| Friday July 10, 2009 |
| TOKYO: The yen fell slightly against the dollar in Asian trade Friday as investors regained some of their appetite for risk, reducing the appeal of the ‘safe-haven’ currency, dealers said. The dollar edged up to 93.02 yen in Tokyo morning trade from 92.96 in New York late Thursday. The euro eased to 1.3993 dollars from 1.4024 and to 130.16 yen from 130.42. The yen drifted lower as Japanese funds prepared to purchase risky higher-yielding currencies of emerging economies such as Brazil, Turkey and South Africa, Royal Bank of Scotland strategist Masafumi Yamamoto said. But the yen, which is seen as a safe haven during times of economic turmoil, could resume its rally if US consumer data or earnings reports due out later in the day disappoint markets, he told Dow Jones Newswires. If the University of Michigan consumer sentiment index shows a big fall, "that could lead to stock weakness and yen strength," Yamamoto said. On Wednesday the dollar fell to a near five-month low of 91.81 yen, adding to worries about the outlook for Japanese exports. Economic and Fiscal Policy Minister Yoshimasa Hayashi said that the yen's rise posed a threat to the fragile economy. "If the yen's rise and stock declines last a long time, there are concerns they may have a negative impact on both exporter and overall sentiment," he told reporters. "For this reason, we need to keep monitoring moves in the stock and currency markets closely," he added. Markets are watching Japanese officials' comments carefully for any signs that Tokyo may be considering intervening in the market to curb the yen's rise, although analysts say it is unlikely to make a move at current levels. The British pound gave back some of its sharp gains seen on Thursday, when a decision by the Bank of England not to expand its emergency asset purchase facility surprised markets. The pound fell to 1.6279 dollars from 1.6341. Traders were also digesting data showing that Japanese wholesale prices dropped by a record 6.6 percent in June from the previous year, deepening concerns that the economy is heading into another bout of deflation. (AFP) |
Dollar mixed in Asia with eyes on G8
Posted by imdurrani Labels: forex market, forex trading, US, World Currencies, world finance| Wednesday July 08, 2009 |
| TOKYO: The dollar was mixed in Asian trade Wednesday as fresh uncertainty over prospects for a US economic recovery and the outcome of a Group of Eight summit hung over the market. The dollar dropped to 94.56 yen in Tokyo morning trade from 94.81 in New York late Tuesday. The euro fell to 1.3885 dollars from 1.3926 and to 131.24 yen from 132.06. Traders were cautious ahead of the G8 summit that was due to start later Wednesday in Italy amid fresh jitters about the economic outlook. Japanese core machinery orders, a closely watched barometer of business investment, fell to their lowest level on record in May, data showed. Doubts over a US recovery resurfaced after a top White House economic advisor suggested that Washington may need a second stimulus package, NAB Capital strategist Spiros Papadopoulos wrote in a note. "The question is whether the US economy has reached a level of stabilisation yet, but the recent unemployment numbers tell me it hasn't," Laura Tyson, a member of President Barack Obama's Economic Advisory Panel, said in Singapore. US unemployment surged to a new 26-year high of 9.5 percent in June, government data showed last week. Traders were turning their attention to the G8 summit in Italy where leaders were expected to discuss efforts to tackle the global economic crisis. China had said last week that it wanted a broader global monetary system, sparking speculation that G8 leaders might discuss the dollar's status as an international reserve currency, potentially weighing on the greenback. "China fears its massive holdings of US debt ... are increasingly at risk alongside a falling dollar," said Papadopoulos. "But a quick glance at the agenda makes it pretty clear there will be little time for serious debate on the creation of a new global reserve currency," he added. Chinese President Hu Jintao cut short his trip to Italy to return to China because of unrest in the northwest Xinjiang region, leaving State Councillor Dai Bingguo to take part in the summit on his behalf. (AFP) |
Pak Rupee: Dollar inches up
Posted by imdurrani Labels: forex, forex market, forex trading, pakistan, Pakistani Rupee, World CurrenciesSaturday July 04, 2009
KARACHI: Bearish sentiment was witnessed on the interbank market on Friday as the rupee shed two paisa against dollar for buying and selling at 81.52 and 81.57, dealers said. Persisting demand for dollars did not allow the rupee come out the weak spells in terms of the US currency, they said.
In the Asian final session euro struggled back from its lowest levels in a week, after a wave of sell orders compounded losses made on bleak US jobs numbers, and it found support as some investors judged it may have slipped too far. Dealers said euro hit stop-loss sell orders around $1.3980, and possible hedge fund selling, in the crossover between late US trade and the start of the Asian day, sending it down to $1.3927 on electronic trading platform EBS.
Open Market Rates: The rupee fell versus dollar dropping 15 paisa for buying at 81.40 and 20 paisa for selling at 81.60, dealers said. The rupee, however, gained 64 paisa versus euro for buying and selling at Rs 112.98 and Rs 113.98, they said.
Buying Rs 81.52
Selling Rs 81.57
Interbank Closing Rates: Interbank Closing Rates For Dollar On Friday.
Open Buying Rs 81.40
Open Selling Rs 81.60
(BRecorder)
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