THE RUPEE: slight gains

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SOURCEBusiness Recorder
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The rupee did not fluctuate sharply against the dollar on the money market on Wednesday in the process of trading activity, dealers said. The rupee recovered its overnight losses versus the dollar, picking up five paisas for buying and selling at Rs 156.25 and Rs 156.30 respectively, they said.

INTER-BANK MARKET RATES: OPEN MARKET RATES: The rupee was unchanged in relation the dollar for buying and selling at Rs 155.80 and Rs 156.30 respectively, they added. The rupee lost 40 paisas in terms of the euro for buying and selling at Rs 171.60 and Rs 173.60 respectively, they added.

Also Read: THE RUPEE: minor changes

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In the second Asian trade, the dollar traded near a seven-week high versus the yen on Wednesday as oil markets slowly recovered from a supply shock, but markets were cautious ahead of a US Federal Reserve meeting later in the day that is expected to deliver another interest rate cut.

Sterling traded near a six-week high versus the dollar as some speculators scaled back bearish bets on the pound, but sentiment remained weak due to uncertainty over how Britain will exit the European Union.

Oil prices edged lower in Asia, extending a 6% tumble on Tuesday after Saudi Arabia’s energy minister said the kingdom has tapped inventories to restore oil supplies to where they stood before drone attacks over the weekend shut around 5% of global oil output.

The dollar was trading against the Indian rupee at Rs 71.415, the greenback was 4.183 versus the Malaysian ringgit and the US currency was available at 7.087 in relation to the Chinese yuan.

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Open Bid       Rs.155.80

Open Offer     Rs.156.30

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

 

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Bid Rate       Rs.156.25

Offer Rate     Rs.156.30

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RUPEE IN LAHORE: The Pak rupee continued downward trend for the second consecutive day against the greenback in the local currency market on Wednesday.

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 156.00 and Rs 156.50 against the overnight closing rate of Rs 155.90 and Rs 156.25 respectively, local currency dealers said.

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The national currency, however, failed to sustain its earlier recoveries in relation to the pound sterling. The pound’s buying and selling rates rose from the Tuesday’s closing of Rs 192.60 and Rs 193.50 to Rs 193.50 and Rs 195.00 respectively, they added.

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

The dollar opened at Rs 156.70 (buying) and Rs 156.80 (selling) against last rate of Rs 156.55 (buying) and Rs 156.65(selling).

It closed at Rs 156.70 (buying) and Rs 156.80(selling).

The buying and selling rates of one tola of gold were Rs. 86,500 (selling) and Rs 86,000 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.

(This news/article originally appeared in Business Recorder on September 19th, 2019)

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