THE RUPEE: rupee extends losses

The rupee continued slide against the dollar on the local currency market on Wednesday ahead of bank holiday on account of Labour Day on Thursday, dealers said. The rupee failed to come out of weakness versus the dollar, losing more 15-paisa for buying at Rs 98.55 and 16-paisa for selling at Rs 98.60, dealers said.

INTER-BANK MARKET RATES: OPEN MARKET RATES: Similarity with the trend in inter-bank market witnessed on the open market as the rupee drifted lower against the dollar, falling 15-paisa for buying and selling at Rs 99.60 and Rs 99.80, he said.

While for the second day, the rupee showed no variation in terms of the euro for buying and selling at Rs 137.25 and Rs 137.50, they said. In the third Asian trade, the yen clung to its gains against the dollar on Wednesday after the Bank of Japan held off from fresh stimulus as expected, with some traders saying month-end flows may have contributed to the yen’s firm tone. The dollar was down 0.2 percent at 102.42 yen, having shown little reaction after the BOJ voted unanimously to maintain its pledge of increasing base money, its key policy gauge, at an annual pace of 60 trillion to 70 trillion yen ($587-685 billion).

The greenback was trading against the Indian rupee at Rs 60.36, the dollar was available at 3.2650 versus the Malaysian ringgit and the US currency was at 6.266 in relation to the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Wednesday: 77.65-77.66 (77.65-77.65). Call Money Rates: 05.50-07.50 percent (previous 05.90-07.50 percent).

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

RUPEE IN LAHORE: The Pak rupee-dollar parity remained unchanged amid sluggish trading trend on the local currency market on Wednesday.

According to the currency dealers, the dollar commenced trading at its Tuesday closing of Rs 99.50 and Rs 99.75 as its buying and selling rates, respectively. The dollar witnessed no change in its demand and supply situation that helped rupee stability in the open market. The dollar’s opening rates continued to prevail till close of trading, the dealers said.

However, the rupee staged recovery and appreciated its worth against the pound sterling. The pound’s buying and selling rates were declined from overnight closing of Rs 167.00 and Rs 167.25 to Rs 166.75 and Rs 167.00, respectively, the dealers said.

RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar on the open currency markets of Islamabad and Rawalpindi here on Wednesday. The dollar opened at Rs 98.50 for buying and Rs 98.60 for selling against same last rate. It did not observe further change in the second session and closed at Rs 98.50 for buying and Rs 98.60 for selling. Pound Sterling opened at Rs 165 (buying) and Rs 165.50 (selling) against same last rate. It closed at the same rate without further change by the end of evening session.

Recorder Report