THE RUPEE: steady trend

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SOURCEBusiness Recorder
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No major changes were seen on the currency market on Wednesday as the rupee held its present levels against the dollar, dealers said. The rupee shed two paisas versus the dollar for buying and selling at Rs 138.90 and Rs 138.92 respectively, dealers said.

INTER-BANK MARKET RATES: OPEN MARKET RATES: The local currency held the overnight levels in terms of the greenback for buying and selling at Rs 138.60 and Rs 139.00 respectively, they said. The rupee fell sharply against the euro for buying and selling at Rs 158.00 and Rs 159.60 respectively, they said.

In the third Asian trade, commodity-linked currencies such as the Australian dollar and the Canadian dollar rose on Wednesday, helped by a rise in oil prices and growing optimism that China and the United States may be inching toward a trade deal.

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News that the two sides had agreed to extend trade talks in Beijing for an unscheduled third day on Wednesday boosted oil prices, with U.S. West Texas Intermediate (WTI) crude oil futures topping $50 a barrel for the first time this year.

Also Read: THE RUPEE: modest gains

That, in turn, helped spur demand for riskier assets and commodity-linked currencies.

The dollar was trading against the Indian rupee at Rs 70.365, the greenback was available at 4.113 versus the Malaysian ringgit and the US currency was at 6.838 in terms of the Chinese yuan.

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Open Bid       Rs.138.60

Open Offer     Rs.139.00

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

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Bid Rate       Rs.138.90

Offer Rate     Rs.138.92

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

According to currency dealers, the demand and supply situation of the greenback continued fluctuation throughout the trading session and ended for buying and selling at Rs 138.40 and Rs 139.40 against the overnight closing trend of Rs 138.50 and Rs 139.20 respectively.

Moreover, the national currency recovered 20 paisas against the pound sterling and ended for buying at Rs 175.30 against the overnight closing rate of Rs 175.30 whereas it stayed unchanged for selling at Rs 176.80, they added.

RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee gained 15 paisa against the dollar at the open currency markets of Islamabad and Rawalpindi here on Wednesday.

The dollar opened at Rs 138.70(buying) and Rs 138.90(selling) against last rate of Rs 138.85(buying) and Rs 139.05(selling). It closed at Rs 138.70(buying) and Rs 138.90(selling).

The buying and selling rates of one tola of gold was Rs 67,800(selling) and Rs 67,5000(buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.

(This news/article originally appeared in Business Recorder on January 10th, 2019)

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