Divergent trends were seen on the money market on Wednesday as the rupee moved both ways versus the dollar in the process of trading, dealers said. The rupee appreciated by eight-paisa against the dollar for buying and selling at Rs 102.04 and Rs 102.06 respectively, they said.
INTERBANK MARKET RATES: OPEN MARKET RATES: The rupee, however, shed 10-paisa versus the dollar for buying and selling at Rs 101.70 and Rs 101.90 respectively. It also drifted lower in relation to the euro, losing 50-paisa for buying and selling at Rs 131.75 and Rs 132.00 respectively, they said. In the third Asian trade, the dollar rose to a new six-year high against the yen, as the Australian dollar nursed a second session of heavy losses after further gains in US Treasury yields. Investors seemed to be re-pricing the risk of an earlier US interest rate hike after some determined that a Federal Reserve study earlier this week could suggest markets were underestimating such a move.
The greenback was trading against the Indian rupee at Rs 60.92, the dollar was at 3.2010 in relation to the Malaysian ringgit and the US currency was at 6.1287 versus the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Wednesday: 77.40-77.40 (previous 77.40-77.40). Call Money Rates: 05.50-06.75 percent (Previous 05.50-06.75 percent).
Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
RUPEE IN LAHORE: The Pak national currency remained strong and was appreciated 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 at its overnight closing of Rs 101.85 and Rs 102.10 as its buying and selling rates, respectively. In the absence of buyers’ interest, the dollar could not sustain and was declined to Rs 101.75 and Rs 102.00 on buying and selling side, respectively, the dealers said.
Similarly, the rupee showed strength and was improved against the pound sterling. The pound’s buying and selling rates were declined from the day earlier closing of Rs 164.75 and Rs 165.00 to Rs 164.25 and Rs 164.50, 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 101 (buying) and Rs 101.10 (selling) against same overnight rate. It did not observe further change in the second session and closed at Rs 101 (buying) and Rs 101.10 (selling) against.
Pound Sterling opened at Rs 168 (buying) and Rs 168.10 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 168 (buying) and Rs 168.10 (selling).