Daily Times

KARACHI: The US dollar rose against the rupee in interbank and open markets on the back of increased demand by importers, said treasurers.

The greenback closed at Rs 104.50 for buying and Rs 104.70 for selling, gaining 10 paisas in interbank.

The rupee is likely to remain under pressure, due of the rising demand by the corporate sector for thier import payments. Banks are failing to meet their demand, which has put the rupee under pressure.

The euro closed at Rs 110.85 for buying and Rs 111.05 for selling, gaining 11 paisas.

The pound sterling closed at Rs 125.70 for buying and Rs 125.90 for selling. It increased by 12 paisas.

Kerb market: The rupee ended slightly low in the open currency market, said foreign exchange dealers.

The US dollar closed at Rs 108.35 for buying and Rs 108.55 for selling, rising five paisas from the previous session. Earlier in the day, it was trading at Rs 108.34 for buying and Rs 108.56 for selling.

The Pound Sterling closed at Rs 131 for buying and Rs 131.20 for selling, gaining 90 paisas from previous session’s level. It was trading at Rs 131 for buying and Rs 131.21 for selling. The Euro closed at Rs 114.50 for buying and Rs 114.70 for selling. It gained by 45 paisas. The dollar hit a two-year high against the Euro and held near a 26-month peak versus the Yen, as investors bet higher US interest rates meant yield differentials would widen in favour of the greenback.

The spread of social unrest in France and pressure from European politicians on the European Central Bank not to raise interest rates in a hurry also undermined sentiment in the single currency.

With little major economic data due later in the day, euro selling snowballed after a breach of a key technical level at around $1.1750 per euro. By 1250 GMT, the euro was down 0.6 percent at $1.1742 after hitting a two-year low of $1.1711. The euro was down half a percent at 138.14 yen. The dollar was steady at 117.68 yen, off its two-year high of 118.38 set on Monday.