THE RUPEE: modest recovery

The rupee managed to recover modestly against the dollar on the currency market in the process of trading, dealers said. The rupee recovered 10-paisa versus the dollar, rising 10-paisa for buying and selling at Rs 103.21 and Rs 103.23 respectively, they said.

INTERBANK MARKET RATES: OPEN MARKET RATES: The rupee followed the suit, gaining 15-paisa in relation to the dollar for buying and selling at Rs 102.95 and Rs 103.15 respectively, while it maintained last levels in terms of the euro for buying and selling at Rs 131.00 and Rs 131.25, they said.

In the third Asian trade, the dollar held steady of the latest guidance from the US Federal Reserve, with the Fed seen likely to wind down its bond-buying stimulus, but taking a cautious tone on raising interest rates. The Fed is all but certain to announce the end of its massive bond-buying stimulus when it wraps up a two-day policy meeting on Wednesday.

The dollar was trading against the Indian rupee at Rs 61.30, the greenback was at 3.2680 versus the Malaysian ringgit and the US currency was at 6.1114 in terms of the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Wednesday: 77.40-77.42 (previous 77.40-77.44). Call Money Rates: 07.00-08.75 percent (Previous 06.75-08.75 percent).

ISLAMABAD The rupee remained firm against the dollar on the open currency markets of Islamabad and Rawalpindi here on Wednesday. The dollar opened at Rs 103 (buying) and Rs 103.10 (selling) against same overnight rate. It did not observe further change in the second session and closed at Rs 103 (buying) and Rs 103.10 (selling).

Pound Sterling opened at Rs 164 (buying) and Rs 164.10 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 164 (buying) and Rs 164.10 (selling).

LAHORE The Pak rupee-dollar parity remained unchanged amid lackluster condition on the local currency market on Wednesday. According to the currency dealers, the dollar resumed trading at its overnight closing of Rs 103.20 and Rs 103.45 as its buying and selling rate, respectively. The dollar did not observe and change in its rate throughout the day, the dealers said. However, the rupee maintained downward slide for another day and was depreciated against the British pound. The pound was purchased and sold at Rs 166.25 and Rs 166.50 compared with Tuesday closing of Rs 166.10 and Rs 166.35, respectively, they added.

Open Bid       Rs 102.95
Open Offer     Rs.103.15

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

Bid Rate       Rs.103.21
Offer Rate     Rs.103.23

Recorder Report