THE RUPEE: dollar at 96
The rupee crossed the barrier of 96 against the dollar on the open market on Wednesday owing to increasing demand for the greenback, experts said. The rupee's recovery proved short-lived against the dollar as it shed 10-paisa for buying and selling at 94.4 and 94.42, they said.
INTERBANK MARKET: OPEN MARKET RATES: The rupee extended its slide in relation to the dollar, shedding 40-paisa for buying at 96 and losing 30-paisa for selling at 96.2, they said.
The rupee also dropped by 20-paisa versus the euro for buying and selling at Rs 119.2 and Rs 120.2, they added. According to the Reuters: In the third Asian trade, the euro edged lower, tethered to a familiar range with investors sticking to the sidelines ahead of an Italian bond sale the next day and a weekend vote in Greece that could determine the future of the euro zone.
The single currency took a breather after Spanish bond yields hit a euro-era peak as the decision to lend the country's ailing lenders 100 billion euro fuelled fears it will struggle to access debt markets as its own debts mount.
The dollar was trading against the Indian rupee at Rs 55.83, it was available at 3.1795 versus the Malaysian ringgit and in terms of the Chinese yuan, the greenback was at 6.369 at per unit. Bangladesh interbank buy/sell rates for the taka against the dollar on Wednesday. 81.75-81.95 (previous 81.93-81.95). Call Money Rates: 9.50-15.00 percent (previous 9.25-15.00 percent).
Open Market Rates: Open Market Rates for Dollar on Wednesday.
RUPEE IN LAHORE:
The Pak rupee maintained downward slide and was further declined by 20-paisa on buying side and 10-paisa on selling side against the US dollar in the local currency market on Wednesday.
According to the currency dealers, the dollar's demand remained intact that helped its appreciation in the open market. The dollar was ended at Rs 96.2 and Rs 96.6 against the overnight closing of Rs 96 and Rs 96.5, respectively.
Similarly the rupee also remained weak and was depreciated against the pound sterling. The pound's buying and selling rates were improved to Rs 148 and Rs 148.6 as compared Rs 147 and Rs 147.8 on Tuesday, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI:
The dollar further showed an improvement of Rs 1 against Pak rupee on the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar opened at Rs 96 (buying) and Rs 96.2 (selling) against last rate of Rs 95 (buying) and Rs 95.2 (selling). It did not observe further fluctuation by the end of the evening session and closed at Rs 96 (buying) and Rs 96.2 (selling).
Pound Sterling opened at Rs 147 (buying) and Rs 147.5 (selling) against same last rate. It did not observe further change in the evening session and closed at Rs 147 (buying) and Rs 147.5 (selling).
Copyright Business Recorder, 2012