THE RUPEE: dollar falls

As a result of improvement in supply of the US currency, the dollar failed to hold its command over the rupee on the money market on Wednesday, experts said. A kind of some easiness in the supply of the dollar seen in the interbank market, causing a handsome recovery in the value of the rupee versus the dollar, gaining 20 paisa for buying and selling at 96.05 and 96.10, they said.
INTERBANK MARKET RATES: OPEN MARKET RATES: The rupee tracked the same pattern, picking up 20 paisa in relation to the dollar for buying and selling at 96.30 and 96.50, they said.
The rupee, however, fell in terms of the euro, losing 30 paisa for buying and selling at Rs 122.70 and Rs 123.70, they added. In the third Asian trade, the dollar fell broadly in Asia on Wednesday in reaction to US President Barack Obama's election victory, as his re-election was seen ensuring that the Federal Reserve's quantitative easing will be in place.
The Democrats look set to retain a majority in the Senate while the Republicans also appear to be solidifying their control of the House of Representatives, keeping intact the risk of policy paralysis over the looming "fiscal cliff" - a sharp fiscal tightening due to start next year.
The dollar was trading against the Indian rupee at Rs 54.22, the greenback was at 3.0540 in terms of the Malaysian ringgit and the US currency was at 6.2437 in relation to the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Wednesday: 81.63-81.68 (previous 81.57-81.60). Call Money Rates: 09.00-09.50 percent (previous 09.50-10.00 percent).

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Open Buying     Rs 96.30

Open Selling    Rs 96.50

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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.

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Bid Rate        Rs.96.05

Offer Rate      Rs.96.10

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RUPEE IN LAHORE: The Pak rupee stayed unchanged on buying side at Rs 96.40 while it gained 10- paisa on selling side at Rs 96.80 against the US dollar on the local currency market on Wednesday.
The greenback resumed trading at its day earlier closing of Rs 96.40 and Rs 96.90 as its buying and selling rates. In the absence of any change on supply side, the dollar remained unchanged at its Tuesday closing of Rs 96.40. However, because of weak demand, it was slide down from Rs 96.90 to Rs 96.80, the currency dealers said.
The rupee could not get out of the persistent pressure and was further declined against the pound sterling. The pound's buying and selling rates were further improved to Rs 153.20 and Rs 153.60 as compared to last day closing of Rs 152.80 and Rs 153.40, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The value of rupee remained unchanged against the dollar on the open currency markets of Islamabad and Rawalpindi here on Wednesday. The dollar opened at Rs 95 (buying) and Rs 95.6 (selling) against same last rate. It did not observe further change in the evening session and closed at Rs 95 (buying) and Rs 95.60 (selling). Pound Sterling opened at Rs 151.9 (buying) and Rs 153 (selling) against same last rate. It did not observe further change in the evening session and closed at Rs 151.9 (buying) and Rs 153 (selling).
Copyright Business Recorder, 2012