THE RUPEE: modest recovery

The rupee started recovering against the dollar on the money market on Wednesday in the process of trading, dealers said.

Under the directive of State Bank of Pakistan (SBP), the rupee managed to halt decline in relation to the dollar. On Tuesday, the central bank asked the banks to ward off forward buying of dollar, which boosted the rupee in terms of the greenback, they said.

INTERBANK MARKET RATES: The rupee gained 10 paisa against the dollar for buying and selling at Rs 104.15 and Rs 104.20, they said.

OPEN MARKET RATES: The rupee almost held the overnight levels versus the dollar for buying and selling at Rs 104.60 and Rs 104.80, they said. The rupee adopted the same path in relation to the euro, sustaining last levels for buying and selling at Rs 119.00 and Rs 120.00, they said. In the third Asian trade, the dollar edged up against the euro and yen on Wednesday, as China’s policy easing steps halted a slide in the region’s equity markets and prevented a further worsening in risk sentiment for now.

The US currency was up 0.8 percent at 119.77 yen, albeit off the high of 120.40 scaled overnight. It managed to pull away from a seven-month low of 116.15, after China’s central bank cut interest rates for the second time in two months late on Tuesday.

The dollar was trading against the Indian rupee at Rs 66.20, the greenback was at 4.2400 in terms of the Malaysian ringgit and the US currency was at 6.4136 versus the 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: 05.30-6.50 percent (Previous 05.30-06.50 percent).

Open Bid       Rs 104.60
Open Offer     Rs.104.80

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

Bid Rate       Rs.104.15
Offer Rate     Rs.104.20

RUPEE IN LAHORE: The rupee showed stability and remained stagnant on the buying side while it gained 30-paisa on the selling side in relation to the greenback on the local currency market on Wednesday.

Currency dealers said the dollar resumed trading at its day earlier closing of Rs 104.80 and Rs 105.40 as its buying and selling rate, respectively and its buying rate remained unchanged at Rs 104.80. But because of the diminishing demand, it then declined to Rs 105.10 on the selling side.

The rupee staged recovery and appreciated its worth against the pound sterling, whose buying and selling rate slide down from Tuesday closing of Rs 163.80 and Rs 164.50 to Rs 162.70 and Rs 163.70, respectively, the dealers said.

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 104 (buying) and Rs 104.25 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 104 (buying) and Rs 104.25 (selling). Pound Sterling opened at Rs 161 (buying) and Rs 161.50 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 161 (buying) and Rs 161.50 (selling).

Recorder Report