THE RUPEE: sharp recovery

The rupee managed to recover sharply against the dollar on the money market on Tuesday, dealers said. The rupee picked up 18-paisa versus the dollar for buying at Rs 98.30 and also rose by 17-paisa for selling at Rs 98.35 in process of trading, dealers said.

INTERBANK MARKET RATES: OPEN MARKET RATES: The rupee showed no change against the dollar for buying and selling at Rs 99.90 and Rs 100.10, they said. The rupee gained 25-paisa in relation to the euro for buying and selling at Rs 138.00 and Rs 138.25 respectively, they said.

In the second Asian trade, the South Korean won led gains among emerging Asian currencies on Tuesday after dovish comments from US Federal Reserve Chair Janet Yellen and stronger China manufacturing data.

The won ended the local trade up 0.6 percent at 1058.5, its strongest close since Jan. 13, as South Korean trade data and a manufacturing survey for March suggested a continuous recovery in Asia’s fourth-largest economy. The dollar was trading against the Indian rupee at Rs 59.91, the greenback was at 3.2660 in terms of the Malaysian ringgit and the US currency was at 6.2051 versus the Chinese yuan.

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

RUPEE IN LAHORE: The national currency staged recovery, as it was appreciated against the US dollar and British pound on the local currency market on Tuesday.

According to the currency dealers, the dollar resumed trading on a depressed note and remained under pressure due to lacking buyers’ interest. At close of trading, the dollar was ended lower at Rs 100.10 and Rs 100.35 as its buying and selling rates against Rs 100.50 and Rs 101.50 of Monday, respectively.

The Pak rupee also showed strength and improved its worth against the pound sterling. The pound’s buying and selling rates were slide down from the day earlier closing of Rs 167.10 and Rs 168.00 to Rs 167.00 and Rs 167.30, respectively, the dealers said.

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

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