THE RUPEE: $ recovers more ground

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SOURCEBusiness Recorder
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The rupee extended overnight slide against the dollar on the money market on Wednesday in the process of trading, marketmen said. The rupee shed 50 paisas versus the dollar for buying and selling at Rs 157.90 and Rs 157.95 respectively, dealers said.

INTER-BANK MARKET RATES: OPEN MARKET RATES: The rupee also lost 80 paisas against the dollar for buying and selling at Rs 157.50 and Rs 158.50 respectively, they said.

The rupee also fell sharply in relation to the euro for buying and selling at Rs 176.00 and Rs 178.50, they said.

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In the third Asian trade, the dollar neared a three-week high against a basket of major currencies on Wednesday as investors continued to unwind bets on deep US interest rate cuts, pushing Treasury yields higher.

Further gains in the greenback depend on the tone Federal Reserve Chairman Jerome Powell strikes during two days of Congressional testimony starting later on Wednesday.

Also Read: THE RUPEE: rates slip

Expectations for a 50 basis point (bps) rate cut at a Fed meeting later this month have evaporated, but investors still expect a 25 bps cut due to weak inflation and worries about growing business fallout from the US-China trade war.

The dollar could continue to creep higher if Powell’s comments on the US economy are perceived as neutral or even slightly hawkish, which would support the argument that additional rate cuts will be limited.

The dollar was available against the Indian rupee at Rs 68.585, the greenback was at 4.140 versus the Malaysian ringgit and the US currency was at 6.886 in terms of the Chinese yuan.

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Open Bid       Rs.157.50

Open Offer     Rs.158.50

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

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Bid Rate       Rs.157.90

Offer Rate     Rs.157.95

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RUPEE IN LAHORE: The Pak rupee continued to keep going down for the second consecutive day versus the major foreign currencies including the greenback and the British pound in the local currency market on Tuesday.

According to currency dealers, the short supply phenomenon of the greenback prevailed for another day in the market which helped its further appreciation for buying and selling at Rs 157.20 and Rs 158.00 against the overnight closing trend of Rs 156.55 and Rs 157.30 respectively.

In addition, the rupee also followed the suit in process of trading against the pound sterling. The pound’s buying and selling rates also rose from the Monday’s closing of Rs 196.00 and Rs 197.00 to Rs 196.60 and Rs 197.50 respectively, they added.

RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 20 paisas against the rupee at the local currency markets of Islamabad and Rawalpindi here on Tuesday.

The dollar opened at Rs 157.70 (buying) and Rs 157.80(selling) against last rate of Rs 157.50 (buying) and Rs 157.60 (selling). It closed at Rs 157.70 (buying) and Rs 157.80(selling).

IMF and the road to stabilisation

The buying and selling rates of one tola of gold was Rs 78,500 (selling) and Rs 78,000 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.

(This news/article originally appeared in Business Recorder on July 11th, 2019)

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