Bulls persisted on the currency market on Wednesday as the rupee posted fresh gains in relation to the dollar and euro, dealers said. The rupee recovered modestly on the back of easy supply of dollars and further improvement is likely in days to come, analysts added.
As the law and order and economic situations improved in the country, it is expected that not only national currency but major fundamentals will also show better performance, they added.
INTERBANK MARKET RATES: The rupee managed to gain against the dollar picking up nine-paisa for buying at Rs 97.98 and it also rose by 10-paisa for selling at Rs 98.00, they said.
OPEN MARKET RATES: The rupee was up by five-paisa versus the dollar for buying at Rs 99.90 and it also appreciated by 10-paisa for selling at Rs 100.10, while it rose by 50-paisa versus the euro for buying and selling at Rs 138.75 and Rs 139.25 respectively, they said.
In the third Asian trade, the euro steadied, bouncing off lows after comments from European Central Bank officials helped temper dovish comments made against the background of the currency’s recent bullishness. The dollar was trading against the Indian rupee at Rs 60.25, the greenback was at 3.3010 in terms of the Malaysian ringgit and the US currency was at 6.2080 versus the Chinese yuan. Call Money Rates: 06.25-07.75 percent (previous 05.80-07.90 percent).
Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
RUPEE IN LAHORE: The Pak rupee showed stability and remained unchanged on buying side while it gained 20-paisa on selling side in relation to the greenback on the local currency market on Wednesday.
According to the currency dealers, the dollar resumed trading at its Tuesday closing of Rs 100.00 and Rs 100.70 as its buying and selling rate respectively. The dollar did not observe any change in its buying rate that stayed unchanged at Rs 100.00, while it was declined to Rs 100.50 on selling side.
The national currency also remained strong and appreciated its worth against the British pound. The pound was purchased and sold at Rs 166.00 and Rs 167.00 compared with last day closing of Rs 166.70 and Rs 167.50, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar on the open currency markets of Islamabad and Rawalpindi on Thursday.
The dollar opened at Rs 99.80 for buying and Rs 99.90 for selling against the same overnight value. Buying/selling rates of dollar closed at the same rate by the end of trading session.
Pound Sterling opened at Rs 154 for buying and Rs 155 for selling against same last rate. It closed at the same rate without further fluctuation by the end of the day.