THE RUPEE: easier trend

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SOURCEBusiness Recorder
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The rupee failed to keep overnight firmness against the dollar on the money market on Wednesday in the process trading activity, marketmen said. The rupee depreciated by 17 paisas versus the dollar for buying at Rs 156.97 and it also shed 15 paisas for selling at Rs 156.99, they said.

INTER-BANK MARKET RATES: OPEN MARKET RATES: The rupee was unchanged in terms of the dollar for buying and selling at Rs 155.50 and Rs 156.50 respectively, they said. The rupee fell in relation to the euro for buying and selling at Rs 174.00 and Rs 176.80 respectively, they said.

In the third Asian trade, the dollar held near a two-week high on Wednesday ahead of the Federal Reserve’s closely-watched policy decision later in the day, supported by a surprisingly dovish European Central Bank and bearish eurozone economic data.

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Also Read: Rupee dips versus dollar

The dollar index versus a basket of six major currencies was steady at 97.653 after climbing to 97.766 on Tuesday, its highest level since June 3.

The focus was on whether the greenback can retain its strength after the Fed’s two-day policy meeting ends later on Wednesday.

The Fed is widely expected to stand pat on monetary policy this time but open the door for an interest rate cut at the next meeting in July.

The dollar was trading against the Indian rupee at Rs 69.565, the greenback was available at 4.174 in relation to the Malaysian ringgit and the US currency was at 6.905 versus the Chinese yuan.

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Open Bid       Rs.155.50

Open Offer     Rs.156.50

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

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Bid Rate       Rs.156.97

Offer Rate     Rs.156.99

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RUPEE IN LAHORE: The Pak rupee depreciated its worth on buying side while it remained firmed on selling side in relation to the greenback in the local currency market on Wednesday.

According to currency dealers, the greenback gained 30-piasas and ended higher for buying at Rs 156.30 against the opening rate of Rs 156.00 whereas it remained unchanged for selling at Rs 157.00.

Besides, the local currency declined its value in process of trading against the pound sterling. The pound’s buying and selling rates rose from the Tuesday’s closing of Rs 193.00 and Rs 195.20 to Rs 194.50 and Rs 196.10 respectively, they added.

Pakistan Energy Sukuk-II worth Rs200bln due next week

RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 25 paisa against the rupee at the local currency markets of Islamabad and Rawalpindi here on Wednesday.

The dollar opened at Rs 157.25 (buying) and Rs 157.35 (selling) against last rate of Rs 157 (buying) and Rs 157.10 (selling). It closed at Rs 157.25 (buying) and Rs 157.35 (selling).

The buying and selling rates of one tola of gold was Rs 83,310 (selling) and Rs 83,000 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.

(This news/article originally appeared in Business Recorder on June 20th, 2019)

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