THE RUPEE: firm trend

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SOURCEBusiness Recorder
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The rupee moved with little changes against the dollar on the money market on Tuesday in the process of trading activity, dealers said.

INTER-BANK MARKET RATES: The rupee inched up by one paisa in terms of the dollar for buying and selling at Rs 140.27 and Rs 140.29 respectively, they said.

OPEN MARKET RATES: The rupee gained 30 paisas against the dollar for buying and selling at Rs 140.50 and Rs 141.00 respectively, they said. The rupee, however, shed 30 paisas versus the euro for buying and selling at Rs 158.60 and Rs 160.40 respectively, they said.

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In the second Asian trade, the dollar rebounded modestly against the yen on Tuesday as Treasury yields pulled back from 15-month lows as a modicum of calm returned to financial markets gripped by fears of a sharper downturn in the global economy.

The pound stuck to a narrow range with British lawmakers scheduled to vote on a range of Brexit options later in the day.

The dollar edged up 0.15 percent to 110.13 yen and put some distance between a six-week low of 109.70 plumbed the previous day, when fears of a global economic slowdown depressed US yields and boosted investor demand for the yen, a perceived safe haven.

Also Read: Tax on export income up 19 percent in July-February on rupee rout

The dollar was trading against the Indian rupee at Rs 68.815, the US currency was at 4.064 in terms of the Malaysian ringgit and the greenback was available at 6.709 in relation to the Chinese yuan.

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Open Bid       Rs.140.50

Open Offer     Rs.141.00

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

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Bid Rate       Rs.140.27

Offer Rate     Rs.140.29

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RUPEE IN LAHORE: The Pak rupee recovered on buying side while it stayed unchanged on selling side in relation to the greenback in the local currency market on Tuesday.

According to currency dealers, the greenback lost 30 paisas and ended lower for buying at Rs 141.00 against the opening rate of Rs 141.30 whereas it did not observe any change for selling at Rs 141.50.

Moreover, the national currency maintained downward trend for the second consecutive day versus the pound sterling. The pound’s buying and selling rates further rose from the Monday’s closing of Rs 184.25 and Rs 185.20 to Rs 184.70 and Rs 185.70 respectively, they added.

RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee recovered 10paisa against the dollar at the open currency markets of Islamabad and Rawalpindi here on Tuesday.

The dollar opened at Rs140.90 (buying) and Rs 141(selling) against last rate of Rs141 (buying) and Rs 141.10 (selling). It closed at Rs140.90 (buying) and Rs 141 (selling).

The buying and selling rates of one tola of gold was Rs. 59,400 (selling) and Rs 59,000 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.

(This news/article originally appeared in Business Recorder on March 27th, 2019)

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