THE RUPEE: Fall against USD continues

KARACHI: On Tuesday, PKR continued its fall against USD in both interbank and open markets despite USD floating at the bottom of its recent range in global currency markets as softer than expected US economic data and insistence from Federal Reserve about not changing current policy removed investor expectations for higher interest rates. PKR also went down against Euro, AED and SR in Pakistani open market.

INTER-BANK MARKET RATES: In the interbank market, Pakistan Rupee lost 55 paisas for buying and 60 paisas for selling against USD over yesterday’s rates closing at 154.45 and 154.60 respectively.

OPEN MARKET RATES: In the open market, PKR lost 30 paisas for both buying and selling against USD over last week’s rates closing at 154.40 and 154.90 respectively.

Against Euro, PKR lost one rupee for both buying and selling closing at 187 and 188.50 respectively.

Against UAE Dirham, PKR lost 20 paisas for buying and 10 paisas for selling closing at 41.85 and 42.05 respectively.

Against Saudi Riyal, PKR lost 20 paisas for both buying and selling closing at 40.95 and 41.15 respectively.

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Open Bid       Rs 154.40
Open Offer     Rs 154.90
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday

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Bid Rate       Rs 154.45
Offer Rate     Rs 154.60
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RUPEE IN LAHORE: The Pak rupee continued to decline for the second consecutive day against the greenback in the open currency market on Tuesday.

The short supply phenomenon of the greenback prevailed for another day in the market which helped its further appreciation for buying and selling at Rs 154.20 and Rs 155.50 against the overnight closing rate of Rs 153.80 and Rs 155.00, respectively, local currency dealers said.

Likewise, the national currency failed to sustain its day earlier recoveries and depreciated its worth against the pound sterling. Consequently, the pound’s buying and selling rates rose from Monday’s closing of Rs 216.50 and Rs 218.20 to Rs 217.50 and Rs 219.00 respectively, they added.

RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained strength against the rupee at the open currency markets of Islamabad and Rawalpindi here on Tuesday.

The dollar opened at Rs155.25(buying) and Rs 154.35(selling) against last rate of Rs154.40(buying) and Rs 154.50(selling).

It closed at Rs155.25(buying) and Rs 154.35(selling).

The buying and selling rates of one tola of gold remained Rs. 99,700 (selling) and Rs 99,500(buying) in the local Sarafa (gold) markets of twin cities of Islamabad and Rawalpindi.

Copyright Business Recorder, 2021