Steadier trend was seen on the local currency market on Wednesday as the rupee did not move sharply versus the dollar in the process of trading, dealers said. Some leading analysts said the rupee was struggling hard to resist fall and somehow it managed to sustain its present levels versus the dollar. According to reports, a monetary policy is due by the end of this week. Money viewers are expecting a 100-basis-point rate cut amid low inflation and a stable rupee.
INTERBANK MARKET RATES: The rupee almost maintained its levels in relation to the dollar for buying and selling at Rs 100.76 and Rs 100.78 respectively, they said.
OPEN MARKET RATES: The rupee also retained its levels against the dollar for buying and selling at Rs 101.20 and Rs 101.40 respectively, and it did the same versus the euro, as the local currency held the overnight levels for buying and selling at Rs 117.00 and Rs 117.25, they said.
In the third Asian trade, the yen rebounded against the dollar after the Bank of Japan (BoJ) stood pat on monetary policy, as speculators who had anticipated more easing covered their short yen positions. The BoJ refrained from expanding its bond-buying stimulus programme, opting instead to expand loan schemes aimed at boosting lending.
The dollar was available against the Indian rupee at Rs 61.61; the greenback was at 3.6200 in terms of the Malaysian ringgit and the US currency at 6.2160 in relation to the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Wednesday: 77.80-77.80 (previous 77.81-77.81). Call Money Rates: 07.00-09.25 percent (Previous 07.00-09.25 percent).
Open Bid Rs.101.20
Open Offer Rs.101.40
Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
Bid Rate Rs.100.76
Offer Rate Rs.100.78
RUPEE IN LAHORE: The Pak rupee remained weak and was marginally declined by five-paisa in relation to the greenback on the local currency market on Wednesday.
According to the currency dealers, the dollar resumed trading at its day earlier closing of Rs 101.25 and Rs 101.50 as its buying and selling rate, respectively. As a result of increase in dollar’s demand, its rate was improved to Rs 101.30 and Rs 101.55 on buying and selling side, respectively, the dealers said.
Similarly, the rupee remained under pressure and was depreciated against the British pound. The pound’s buying and selling rates were improved from Tuesday closing of Rs 152.25 and Rs 152.50 to Rs 153.10 and Rs 153.35, respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee gained strength against the dollar on the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar opened at Rs 100.75 (buying) and Rs 101 (selling) against last rate of Rs 101 (buying) and Rs 101.25 (selling). It did not observe further change in the second session and closed at Rs 100.75 (buying) and Rs 101 (selling).
Pound Sterling opened at Rs 152 (buying) and Rs 153 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 152 (buying) and Rs 153 (selling).