Bulls persisted as the rupee maintained its climb over the dollar in the process of trading on the money market on Wednesday, dealers said. The experts said the dollar’s surprise fall made the rupee able to shed its losses, hoping that after the 98 barrier, it might trade at Rs 98.00 and 98.20 for the short run.
The national currency might hit Rs 95 level versus the dollar, but it would take some time, they anticipated, noting that now the rupee was trading within the double digit which was a positive development.
INTERBANK MARKET RATES: The rupee rose by Rs 1.95 in relation to the dollar for buying at Rs 98.00 and it also gained Rs 1.90 for selling at Rs 98.10, they said.
OPEN MARKET RATES: The rupee picked up Rs 1.40 against the dollar for buying and selling at Rs 98.30 and Rs 98.50, they said, adding it followed the same trend versus the euro gaining Rs 2.00 for buying and selling at Rs 135.00 and Rs 135.25.
In the third Asian trade, the yen held firm while investors kept their distance from riskier currencies such as the Australian dollar amid worries about China’s economic health and tensions over Russia’s seizure of the Crimea region of Ukraine.
Falls in regional shares as well as copper added to the caution mood on the state of the global economy, though the reaction in the currency market has been relatively mild. The dollar was trading against the Indian rupee at Rs 61.11, the greenback was at 3.2870 versus the Malaysian ringgit and the US currency was at 6.1450 in terms of the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Wednesday: 77.73-77.73 (77.73-77.74). Call Money Rates: 06.25-08.25 percent (previous 06.25-08.25 percent).
Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
RUPEE IN LAHORE: The national currency continued to appreciate its worth and was improved against the US dollar on the local currency market on Wednesday.
According to the currency dealers, the dollar resumed trading on a negative note and remained under pressure throughout the day. At close, the dollar was ended further lower at Rs 98.50 and Rs 98.95 as its buying and selling rates against Rs 99.50 and Rs 99.75 of Tuesday, respectively.
Similarly, the Pak rupee showed further strength, as it was improved against the British pound. The pound’s buying and selling rates were slide down from overnight closing of Rs 166.00 and Rs 166.25 to Rs 163.00 and Rs 164.00, respectively.
It is pertinent to mention that most of the money changers preferred buying of both the currencies and avoided selling on the pretext of non-availability.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee continued its upward journey against the dollar and showed a further recovery of Re 1 on the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar opened at Rs 98 for buying and Rs 98.10 for selling against last rate of Rs 99 for buying and Rs 99.10 for selling. It did not observe further change in the second session and closed at Rs 98 for buying and Rs 98.10 for selling.
Pound Sterling opened at Rs 165 for buying and Rs 165.50 for selling against same last rate. It closed at the same rate without further change by the end of evening session.
Source: Business Recorder