THE RUPEE: moves both ways

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-File Photo


The rupee-dollar parity rates moved both ways in relation to the dollar on Wednesday in the process of trading, dealers said.

The rupee gained three paisas versus the dollar for buying and selling at Rs 104.81 and Rs 104.83 respectively, they said. In the third Asian trade, the dollar slid and the perceived safe-haven yen gained after US President Donald Trump abruptly fired FBI Director James Comey in a move that shocked Washington and piqued investors’ aversion to risk.

INTER-BANK MARKET RATES: Comey had been leading his agency’s investigation into alleged Russian meddling in the 2016 US presidential campaign and possible collusion with Trump’s campaign. Democrats immediately accused Trump of having political motives. Any US political uncertainty tends to weigh on the dollar, as a divided Congress could derail Trump’s promised tax reform and stimulus steps.The dollar index, which tracks the greenback against a basket of six major currencies, slipped 0.2 percent to 99.415, moving away from Tuesday’s three-week high of 99.688. The Comey news is being treated as a risk-off event, and the headlines were sparking the dollar’s move down,” said Bart Wakabayashi, branch manager for State Street Bank and Trust in Tokyo.

The dollar was trading against the Indian rupee at Rs 64.620, the greenback was at 4.345 versus the Malaysian ringgit and the UD currency was at 6.906 in relation to the Chinese yuan.

OPEN MARKET RATES: The rupee lost 20 paisas against the dollar for buying and selling at Rs 105.70 and Rs 105.90 respectively, however it appreciated by 25 paisas in terms of the euro for buying and selling at Rs 114.50 and Rs 116.00 respectively, they said.

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Open Bid       Rs.105.70

Open Offer     Rs.105.90

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

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Bid Rate       Rs.104.81

Offer Rate     Rs.104.83

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RUPEE IN LAHORE: The Pak rupee registered reduction versus the major currencies including the US dollar and the British pound in the local currency market on Wednesday.

The dollar was resumed trading on a positive note and kept on declining owing to the short supply in the market. As a result, it further appreciated to Rs 105.85 and Rs 106.05 on buying and selling sides, respectively, as compared to the overnight trend of Rs 105.70 and Rs 105.90 respectively, they added.

Likewise, the local currency also followed the same pattern against the pound sterling. The pound’s buying and selling rates rose from Tuesday’s closing rates of Rs 135.90 and Rs 136.90 to Rs 136.40 and Rs 137.00 respectively, they said.

RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi here on Wednesday. The dollar opened at Rs 105.90 (buying) and Rs 106 (selling). It closed at the same. Pound Sterling opened at Rs 135 (buying) and Rs 135.50 (selling). It closed at the same rate.-Business Recorder

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