THE RUPEE: moves cautiously
The rupee moved cautiously against the dollar on the local currency market on Wednesday in process of trading, dealers said. The rupee firmly held the overnight levels versus the dollar for buying and selling at Rs 105.90 and Rs 105.92, dealers said.
INTERBANK MARKET RATES: OPEN MARKET RATES: The rupee drifted lower in terms of dollar, losing 25 paisa for buying and selling at Rs 107.00 and Rs 107.25, they added. The rupee inched down versus the euro after shedding five paisa for buying and selling at Rs 143.30 and Rs 143.55, they said.
In the third Asian trade, the robust US manufacturing data kept the dollar off eight-month lows against a basket of currencies, despite concerns over how long the partial US government shutdown might last while lawmakers search for a compromise deal on the budget.
Some traders expect more market volatility ahead, with no signs in sight of an end to Washington's political deadlock, though markets appeared hopeful the shutdown would be short-lived. Interbank buy/sell rates for the taka against the dollar on Wednesday. 77.75-77.75 (77.75-77.75) Call Money Rates: 06.50-08.25 percent (previous 06.50-08.25 percent). The dollar was trading against he Indian rupee at Rs 62.46, the greenback was at 3.2310 in terms of the Malaysian ringgit and the US currency was at 6.122 versus the Chinese yuan.
Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
RUPEE IN LAHORE:
The rupee showed weakness against the greenback on the local currency market on Wednesday.
According to the currency dealers, the dollar resumed trading at its overnight closing of Rs 106.50 and Rs 107.30 as its buying and selling rates, respectively. As a result of fresh demand, the dollar's rates went up at Rs 107.00 and Rs 107.50 on buying and selling sides, respectively, the dealers said.
Similarly, the Pak rupee remained under pressure and was declined on buying side while it remained unchanged on selling side against the pound sterling. The pound was purchased and sold at Rs 171.50 and Rs 172.50 compared with last day closing of Rs 170.50 and Rs 172.50, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI:
The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi on Wednesday.
The dollar opened at Rs 106.60 (buying) and Rs 106.70 (selling) against last rate. It observed no change in the second session and closed at Rs 106.60 (buying) and Rs 106.70 (selling).
Pound Sterling opened at Rs 169 (buying) and Rs 169.50 (selling) against same last rate. It closed at the same rate without further change by the end of evening session.
Copyright Business Recorder, 2013