Dollar down 3 paisa to close at Rs276.87 in interbank market

KARACHI: The dollar became cheaper against the rupee in the interbank market today. On the second day of the business week, the US currency fell by 3 paisa and closed at Rs276.87.

The dollar had closed at Rs276.90 in the interbank market the previous day. According to Business Recorder, this is a 0.01 per cent gain in the value of the rupee. The bid and offer rates in the interbank market were Rs276.87 and Rs277.07 respectively. According to Mettis Global, during trading the highest bid for the dollar was Rs276.90 and the lowest offer was Rs276.85.

According to Business Recorder, in the open market the rupee gained 5 paisa on buying and 1 paisa on selling, with dollar rates at Rs277.52 and Rs278.63 respectively. According to Mettis Global, exchange companies bought the dollar at Rs277 and sold it at Rs279.70.

The rupee’s performance against other currencies was mixed. According to Mettis Global, the euro closed at Rs310.57 against Rs310.42 in the previous session, meaning the rupee weakened by 0.05 per cent. The British pound closed at Rs369.50 against the previous close of Rs368.88, so the rupee fell by 0.17 per cent. Against the Swiss franc, the rupee improved by 0.03 per cent to Rs335.70. The Japanese yen closed at Rs1.7511 against Rs1.7512 earlier. The Chinese yuan rose from Rs41.44 to Rs41.46. The Saudi riyal closed at Rs73.81 and the UAE dirham at Rs75.39.

According to Mettis Global, since the start of the current financial year the rupee has gained Rs1.29, or 0.47 per cent, against the dollar, while since the start of the current calendar year its gain stands at Rs3.25, or 1.17 per cent. In the money market, the six-month KIBOR bid and offer rates fell by one basis point each to 12.18 and 12.43 per cent respectively.

Business Recorder reported that on Monday the dollar index rose 0.2 per cent to 101.98, ending a two-day decline. Brent crude reached $111.75 a barrel, the highest level since May. According to the report, Yemen’s Houthis claimed attacks on Saudi energy facilities, airports and military sites, but Saudi officials did not immediately confirm them. According to Reuters, it could not independently verify these claims.