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KARACHI: On Wednesday, PKR went down against USD in both interbank and open markets losing almost the whole value it had gained the day before. However, it ended the day with no change against Euro. Including Wednesday, PKR has remained unchanged against Euro for three consecutive days this week. In global markets, at the time of writing of this report, USD was holding below near one month high attracting investors due to two primary factors i.e., a possible default of Chinese property developer Evergrande that can lead to secondary effects on country’s economy and expectations of US monetary policy tightening.

INTER-BANK MARKET RATES: In the interbank market, Pakistan Rupee lost 10 paisas for both buying and selling against USD over yesterday’s rates closing at 168.60 and 168.70 respectively.

OPEN MARKET RATES: In the open market, PKR lost 70 paisas for both buying and selling thus reversing yesterday’s gains closing at 169.30 and 169.60 respectively.

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

Against UAE Dirham, PKR lost 10 paisas for buying and 5 paisas for selling thus reversing yesterday’s gains closing at 46.60 and 46.80 respectively.

Against Saudi Riyal, PKR lost 10 paisas for buying and 20 paisas for selling closing at 45.10 and 45.40 respectively.

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Open Bid       Rs 169.30
Open Offer     Rs 169.60
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.

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Bid Rate       Rs 168.60
Offer Rate     Rs 168.70
========================

RUPEE IN LAHORE: The Pak rupee witnessed volatile trend in the process of trading against greenback in the local currency market on Wednesday.

Following fluctuating demand and supply situation in the market, the greenback continued to move both ways and closed for buying and selling at Rs 169.70 and Rs 170.50 against the overnight closing rate of Rs 169.80 and Rs 170.40, respectively, local currency dealers said.

Moreover, the rupee lost 10 paisas against the pound sterling for buying and closed at Rs 232.60 against the overnight closing rate of Rs 232.50 whereas it did not witness any change and firmly closed for selling at Rs 234.00, they added.

Copyright Business Recorder, 2021

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