THE RUPEE: rates move cautiously

The rupee moved cautiously against the dollar after the Yuan’s devaluation on Tuesday in the process of trading, dealers said. According to reports, China devalued the Yuan after a run of poor economic data, guiding the currency to its lowest point in almost three years. The central bank described the move as a “one-off depreciation” of nearly two percent, based on a new way of managing the exchange rate that better reflected market forces.

INTER-BANK MARKET RATES: The rupee was trading versus the dollar for buying and selling at Rs 101.82 and Rs 101.83 respectively, they said.

OPEN MARKET RATES: The rupee did not show any change for buying at Rs 102.90 while it shed 10-paisa for selling at Rs 103.10. As a result of Yuan’s weakness, the local currency lost 85-paisa in relation to the euro for buying and selling at Rs 113.20 and Rs 114.20 respectively, they said.

In the second Asian trade, Chinese Yuan sharply weakened to a three-year low on Tuesday after the country’s central bank surprisingly devalued it, dragging down the Australian dollar and adding a potential element of volatility to the region’s foreign exchange markets.

In an attempt to make the country’s exports more competitive and prop up the economy after recent poor data, China’s central bank devalued the Yuan by nearly 2 percent on Tuesday. The Yuan midpoint was set at 6.2298 per dollar, compared with the 6.1162 mid-point on Monday, with the central bank to now base the Yuan’s midpoint on market makers’ quotes and the previous day’s closing price. Spot Yuan plunged roughly 2 percent to as low as 6.3360, weakest since September 2012.

The dollar was trading against the Indian rupee at Rs 63.87, the greenback was at 3.9490 in terms of the Malaysian ringgit and the US currency was available at 6.299 in relation to the Chinese Yuan. Inter bank buy/sell rates for the taka against the dollar on Tuesday: 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 Tuesday.

Bid Rate       Rs.101.82
Offer Rate     Rs.101.83

RUPEE IN LAHORE: The rupee has depreciated against the dollar and the British pound on the local currency market on Tuesday. The rupee lost 10 paisas versus the dollar for buying and selling at Rs. 102.90 and Rs 103.35 against the overnight closing of Rs 102.80 and Rs 103.25, respectively.

The rupee remained weak and declined against the pound sterling which was traded Rs 159.00 and Rs 160.00 compared with the Monday closing of Rs 158.60 and Rs 159.30, respectively.

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

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