The dollar has crossed the barrier of Rs 100 versus the rupee on the currency market on Wednesday in the process of trading, dealers said. It was surprising that instead of increasing the value of dollar on the open market, its rates went up sharply on the interbank market, experts said. Political instability during the week in the country caused devaluation of the rupee versus the dollar, they said.
INTERBANK MARKET RATES: The rupee lost 65-paisa against the dollar for buying and selling at Rs 99.95 and Rs 100.00 respectively, they said.
OPEN MARKET RATES: The rupee, in sympathy with interbank market trend, lost 40-paisa versus the dollar for buying and selling at Rs 99.70 and Rs 99.90 respectively, while it picked up 25-paisa against the euro for buying and selling at Rs 132.00 and Rs 132.25 respectively, they said.
In the third Asian trade, the yen held steady versus the dollar on Wednesday, showing limited reaction to the widely expected contraction in Japan’s economy in April-June, while the euro hovered above the previous day’s lows. Japan’s economy shrank an annualised 6.8 percent in the second quarter, suffering its biggest contraction since the devastating March 2011 earthquake as a sales tax hike took a heavy toll on household spending.
The dollar was trading against the Indian rupee at Rs 61.25, the greenback was at 3.1890 in terms of the Malaysian ringgit and the US currency was available at 6.159 versus the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Wednesday: 77.45-77.46 (previous 77.46-77.48). Call Money Rates: 05.75-07.25 percent (previous 05.50-07.25 percent).
Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
RUPEE IN LAHORE: The national currency remained under pressure and was depreciated against the major currencies including US dollar and British pound on the local currency market on Wednesday.
According to the currency dealers, the dollar was opened on a healthy note and kept on rising following fresh buying. At close of trading, the dollar was ended higher at Rs 99.50 and Rs 99.75 as its buying and selling rates against Rs 98.95 and Rs 99.20 of Tuesday, respectively, the dealers said.
Similarly, the rupee remained weak and was declined against the pound sterling. The pound’s buying and selling rates were improved from the overnight closing of Rs 165.50 and Rs 165.75 to Rs 166.25 and Rs 166.50, respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar on the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar opened at Rs 98.50 (buying) and Rs 98.60 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 98.50 (buying) and Rs 98.60 (selling).
Pound Sterling opened at Rs 165 (buying) and Rs 165.50 (selling) against same last rate. It closed at the same rate without further change by the end of evening session.