THE RUPEE: firm trend

The rupee almost managed to hold the overnight levels against the dollar on the local money market in the process of trading, dealers said. According to reports, the Yuan has fallen almost four percent in two days since the central bank announced the devaluation on Tuesday, but sources involved in the policy-making process said powerful voices inside the government were pushing for it to go still lower.

INTERBANK MARKET RATES: The rupee did not show major change in relation to the dollar of buying and selling at Rs 101.81 and Rs 101.82 respectively, they said.

OPEN MARKET RATES: The rupee sustained week-long rates versus the dollar for buying and selling at Rs 102.90 and Rs 103.10 respectively. It lost 95-paisa in relation to the euro for buying and selling at Rs 114.15 and Rs 115.15 respectively, they said.

In the third Asian trade, the Australian dollar tumbled to its lowest level since 2009 after the Chinese central bank set the midpoint for its Yuan at the weakest level since October 2012, firing another salvo in what some fear could be the start of a currency war.

The People’s Bank of China set the midpoint rate at 6.3306 per dollar prior to market open, weaker than the previous fix of 6.2298 and 75 points weaker than previous day’s market close of 6.3231.

The dollar was trading against the Indian rupee at Rs 64.77, the greenback was at 4.0160 versus the Malaysian ringgit and the US currency was at 6.4268 in terms of the Chinese Yuan. Interbank buy/sell rates for the taka against the dollar on Wednesday: 77.80-77.80 (previous 77.80-77.80). Call Money Rates: 05.30-6.50 percent (Previous 05.25-06.50 percent).

Open Bid       Rs.102.90
Open Offer     Rs.103.10

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

Bid Rate       Rs.101.81
Offer Rate     Rs.101.82

RUPEE IN LAHORE: The rupee remained weak and lost 20 paisas against the dollar on the local currency market on Wednesday.

The dollar resumed well gaining following fresh buying and ending higher at Rs 103.10 and Rs 103.55 on the buying and selling side against Rs 102.90 and Rs 103.35 of Tuesday, respectively.

The rupee also remained under pressure and depreciated against the pound sterling whose buying and selling rate improved from the overnight closing of Rs 159.00 and Rs 160.00 to Rs 159.50 and Rs 160.20, respectively.

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

The dollar opened at Rs 102 (buying) and Rs 102.20 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 102 (buying) and Rs 102.20 (selling).

Pound Sterling opened at Rs 157 (buying) and Rs 157.50 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 157 (buying) and Rs 157.50 (selling).

Recorder Report