A steadier trend was seen on the money market on Wednesday as the rupee moved cautiously versus the dollar after the announcement of budget, market-men said. The rupee picked up 12-paisa against the dollar for buying and for selling at Rs 98.50 at Rs 98.52 respectively, they said.
INTERBANK MARKET RATES: OPEN MARKET RATES: The rupee shed five-paisa versus the dollar for buying at Rs 99.70 while the national currency did not move any side for selling at Rs 99.90, they said. The rupee, however, rose 25-paisa in terms of the euro for buying and selling at Rs 135.25 and Rs 135.50, they added.
in the third Asian trade, the Indonesian rupiah hit a near four-month low on Wednesday, leading a decline among emerging Asian currencies as investors added to their dollar holdings on higher US yields. Spot rupiah fell on importers’ dollar demand and its weakness in non-deliverable forwards markets. The Singapore dollar fell to a near six-week low on slower growth in manufacturing activity in May. The Philippine peso eased as short-term investors covered bearish dollar bets. The dollars was trading against the Indian rupee at Rs 59.43, the greenback was at 3.2340 in terms of the Malaysian ringgit and the US currency was available at 6.2552 versus the Chinese yuan.
Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
RUPEE IN LAHORE: The national currency remained strong and appreciated its worth against the major currencies including US dollar and British pound on the local currency market on Wednesday.
According to the currency dealers, the dollar resumed trading on a depressed note and could not sustain due to lacking buyers’ interest. At close of trading, the dollar was ended lower at Rs 99.40 and Rs 99.70 as its buying and selling rate against Rs 99.65 and Rs 99.90 of Tuesday, respectively, the dealers said.
Likewise, the rupee showed strength and was improved 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 166.00 and Rs 166.90, respectively, they added.
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 (buying) and Rs 98.60 (selling) against the same last rate. It did not observe further change in the second session and closed at Rs 98.50 (buying) and Rs 98.60 (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.