Firmness prevailed on the money market on Wednesday as the rupee managed to recover modestly versus the dollar, dealers said. The rupee picked up seven-paisa versus the dollar for buying and selling at Rs 101.75 and Rs 101.78 respectively, they said.
INTER-BANK MARKET RATES: OPEN MARKET RATES: The rupee sustained the overnight levels in relation to the dollar for buying and selling at Rs 102.50 and Rs 102.70 respectively, they said.
The rupee extended further 50-paisa in terms of the euro for buying and selling at Rs 112.00 and Rs 112.25, they said. In the third Asian trade, the dollar wallowed near a two-month low against a basket of major currencies on Wednesday as the market hedged the risk that the Federal Reserve might adopt a more dovish tone in statements following the two-day policy review.
The dollar index last stood at 96.141. On Tuesday it fell as far as 96.011, reaching a low last seen on March 5. The key risk for the dollar is the Fed’s post-meeting policy statement due at 1800 GMT. The Fed is widely expected to keep policy unchanged and the focus will be on its economic assessment.
The dollar was trading against the Indian rupee at Rs 63.20, the greenback was at 3.5625 in terms of the Malaysian ringgit and the US currency was available at 6.205 in terms of Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Wednesday: 77.80-77.80 (previous 77.80-77.80). Call Money Rates: 06.75-8.00 percent (Previous 06.60-08.00 percent).
Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
Bid Rate Rs 101.75
Offer Rate Rs 101.78
According to currency dealers, the dollar commenced trading at its day earlier closing of Rs 102.65 and Rs 102.90 as its buying and selling rate but could not sustain due to lacking buyers’ interest. At close, the dollar ended marginally lower at Rs 102.60 and Rs 102.85 on buying and selling counter, respectively, the dealers said.
However, the national currency maintained downward slide for another day and remained under pressure against the British pound. The pound was purchased and sold at Rs 156.75 and Rs 157.00 compared with the Tuesday closing of 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 101.75 (buying) and Rs 101.85 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 101.75 (buying) and Rs 101.85 (selling).
Pound Sterling opened at Rs 155 (buying) and Rs 155.50 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 155 (buying) and Rs 155.50 (selling).