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KARACHI: On Tuesday, PKR went up against USD in both interbank and open markets possibly as a reaction to SBP Monetary Policy Committee raising key interest rate by 25 basis points yesterday. It also continued to remain unchanged against Euro in open market while going up against AED. In global markets, investors flocked to safe haven USD and yen to seek shelter from potential China Evergrande default. Evergrande has been trying to raise funds to pay back its lenders and investors. It is feared that if the company defaults on its liabilities, which are around the tune of $305 billion, it could have broader ramifications for the country's financial system.

INTER-BANK MARKET RATES: In the interbank market, Pakistan Rupee gained 20 paisas for both buying and selling against USD over yesterday's rates closing at 168.50 and 168.60 respectively.

OPEN MARKET RATES: In the open market, PKR gained 70 paisas for both buying and selling over yesterday's rates closing at 168.60 and 168.90 respectively.

Against Euro, PKR remained unchanged for both buying and selling closing at 197.50 and 199 respectively.

Against UAE Dirham, PKR gained 10 paisas for buying and 5 paisas for selling closing at 46.50 and 46.75 respectively.

Against Saudi Riyal, PKR remained unchanged for both buying and selling closing at 45 and 45.20 respectively.

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Open Bid       Rs 168.60
Open Offer     Rs 168.90
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday.

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Bid Rate       Rs 168.50
Offer Rate     Rs 168.60
========================

RUPEE IN LAHORE: The Pak rupee depreciated its worth versus major currencies including the greenback and the British pound in the open currency market on Tuesday.

According to the local currency dealers, the short supply phenomenon of the greenback continued to prevail throughout the trading session which helped its appreciation for buying and selling at Rs 169.80 and Rs 170.40 against the previous day's closing rate of Rs 169.30 and Rs 170.30, respectively.

Similarly, the local currency also followed suit in relation to the pound sterling that was bought and sold at Rs 232.60 and Rs 234.00 against Monday's closing trend of Rs 231.50 and Rs 233.00, 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 Rs 170.40(buying) and Rs170.50(selling) against last rate of Rs 170(buying) and Rs170.10(selling).

It closed at Rs 170.40(buying) and Rs170.50(selling).

The buying and selling rates of one tola of gold remained Rs. 109,700 (buying) and Rs109,500(selling).

Copyright Business Recorder, 2021

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