THE RUPEE: sharp recovery

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SOURCEBusiness Recorder
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The rupee gained sharply against the dollar on the money market on Wednesday in the process of trading activity, dealers said. The rupee picked up 44 paisas versus the dollar on the money market for buying and selling at Rs 156.20 and Rs 156.25 respectively, they said.

INTER-BANK MARKET RATES: OPEN MARKET RATES: The rupee showed slight gain in relation to the dollar for buying and selling at Rs 156.10 and Rs 156.60 respectively. The rupee was available in terms of the euro for buying and selling at Rs 171.30 and Rs 173.30 respectively.

Also Read: THE RUPEE: sharp recovery

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In the third Asian trade, the British pound bounced on Wednesday in the wake of a parliamentary vote opening the door for another Brexit delay, while the dollar drifted lower after weak manufacturing data stoked wagers on aggressive US policy easing.

The greenback’s doldrums helped the Australian dollar shine when June-quarter economic growth, while soft, was in line with forecasts, and the currency rose 0.3% to reach a one-week peak of $0.6775.

Sterling, pushed to a near three-year low on Wednesday, climbed almost 0.2% against the dollar to $1.2100 and firmed 0.1% against the euro.

The dollar’s weakness help pull the yuan from an 11-year low to reach 7.1669 per dollar. Its rise was tempered as traders kept a wary eye on trade risks, with US President Donald Trump promising a tougher line on Beijing if trade talks drag on.

The dollar was trading against the Indian rupee at Rs 72.170, the US currency was at 4.209 versus the Malaysian ringgit and the greenback was at 7.166 in terms of the Chinese yuan.

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Open Bid       Rs.156.10

Open Offer     Rs.156.60

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

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Bid Rate       Rs.156.20

Offer Rate     Rs.156.25

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

Following fluctuating demand and supply situation in the market, the US dollar moved both ways by 10 paisas and ended for buying and selling at Rs 156.20 and Rs 156.60 against the opening rate of Rs 156.10 and Rs 156.70 respectively, local currency dealers said.

The rupee, however, failed to sustain its earlier recoveries as it registered reduction in its worth versus the pound sterling. The pound’s buying and selling rates rose from the Tuesday’s closing of Rs 187.30 and Rs 188.60 to Rs 189.65 and Rs 190.50 respectively, they added.

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

The dollar opened at Rs 156.90 (buying) and Rs 157(selling) against last rate of Rs 156.80 (buying) and Rs 156.90 (selling).

CPI rebalancing unlikely to help economy: analysts

It closed at Rs 156.90(buying) and Rs 157 (selling).

The buying and selling rates of one tola of gold were Rs. 89,000 (selling) and Rs 88,500(buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.

(This news/article originally appeared in Business Recorder on September 5th, 2019)

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