THE RUPEE: dollar under pressure

The rupee managed to recover steep gains against the dollar on the money market on Wednesday in the process of comfortable supply of the US currency, dealers said. A stable trend in the rupee versus the dollar helped the national currency to look ahead, said Chairman of the Forex Association of Pakistan (FAP) Malik Bostan hoping further improvement in the value of rupee.

INTERBANK MARKET RATES: The rupee extended its winning streak versus the dollar, gaining 32-paisa for buying and selling at Rs 97.78 and Rs 97.80 respectively, dealers said.

OPEN MARKET RATES: The rupee retained its overnight levels in relation to the dollar for buying and selling at Rs 99.80 at Rs 99.95 respectively, while it picked up 25-paisa against the euro for buying at Rs 137.00 and Rs 137.25, respectively. In the third Asian trade, the dollar retook a bit of the ground it lost in the previous session but still languished near a three-week low against a basket of major currencies, having broken decisively lower as the yen squeezed higher and the euro gained a tailwind.

Traders said the yen’s sharp ascent was sparked in part by comments from the Bank of Japan’s governor on Tuesday that dismissed any need for additional stimulus. The dollar was trading against the Indian rupee at Rs 60.05, the greenback was at 3.2260 in terms of the Malaysian ringgit and the US currency was at 6.2005 in relation to the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Wednesday: 77.67-77.67 (77.67-77.67). Call Money Rates: 06.75-08.50 percent (previous 05.00-08.25 percent).

Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.

RUPEE IN LAHORE: The Pak rupee maintained upward trend for another day and gained 20-paisa on buying side at Rs 100.00 and 25-paisa on selling side at Rs 100.50 against the US dollar on the local currency market on Wednesday.

According to the currency dealers, the dollar was opened on a depressed note and remained under pressure in the absence of buyers’ interest. At close, the dollar was ended lower at Rs 100.00 and Rs 100.50 as its buying and selling rates against the overnight closing of Rs 100.20 and Rs 100.75, respectively, the dealers said.

The rupee staged recovery and appreciated its worth against the British pound. The pound’s buying and selling rates were decreased from Tuesday closing of Rs 166.50 and Rs 167.50 to Rs 166.10 and Rs 167.00, respectively, they added.

RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged on the open currency markets of Islamabad and Rawalpindi here on Wednesday.

The dollar opened at Rs 100 for buying and Rs 100.10 for selling against same last rate. It did not observe further change in the second session and closed at Rs 100 for buying and Rs 100.10 for selling.

Pound Sterling opened at Rs 165 for buying and Rs 165.50 for selling against same last rate. It closed at the same rate without further change by the end of evening session.

Recorder Report