THE RUPEE: bulls welcome New Year

Bulls welcomed the New Year as the rupee strengthened further against the dollar on the money market on Wednesday in the process of trading, dealers said. The rupee gained 45-paisa in terms of the dollar for buying and selling at Rs 100.45 and Rs 100.50 respectively, they said.

INTERBANK MARKET RATES: OPEN MARKET RATES: The rupee picked up more 30-paisa against the dollar for buying and selling at Rs 100.40 and Rs 100.60 respectively. It also rose by 25-paisa in relation to the euro for buying and selling at Rs 121.25 and Rs 121.50, they said.

In the third Asian trade, the dollar was on track to end 2014 with a gain of 12 percent against a basket of major currencies, and anticipated US interest rake hikes may strengthen its appeal in the new year. This year’s gain will be the dollar’s largest since 2005, when it climbed nearly 13 percent. The dollar was trading against the Indian rupee at Rs 63.24, the greenback was at 3.4950 in terms of the Malaysian ringgit and them US currency was at 6.200 versus the Chinese yuan.

Open Bid       Rs 100.40
Open Offer     Rs 100.60

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

Bid Rate       Rs 100.45
Offer Rate     Rs 100.50

RUPEE IN LAHORE: The Pak rupee staged recovery and appreciated its worth by 40-paisa in relation to the greenback on the local currency market on Wednesday.

According to the currency dealers, the dollar was opened on a depressed note and remained under pressure due to lacking buyers’ interest. At close of trading, the dollar was ended lower at Rs 100.40 and Rs 100.65 as its buying and selling rate against Rs 100.80 and Rs 1010.05 of Tuesday, respectively, the dealers said.

Similarly, the rupee maintained upward slide and was improved against the pound sterling. The pound’s buying and selling rates were improved from overnight closing of Rs 156.00 and Rs 156.25 to Rs 155.50 and Rs 155.75, respectively, they added.

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

The dollar opened at Rs 101.30 (buying) and Rs 101.40 (selling) against same overnight rate. It did not observe further change in the second session and closed at Rs 101.30 (buying) and Rs 101.40 (selling).

Pound Sterling opened at Rs 158 (buying) and Rs 159 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 158 (buying) and Rs 159 (selling).

Recorder Report