THE RUPEE: stable trend

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SOURCEBusiness Recorder
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The rupee managed to hold almost present levels against the dollar on the money market on Wednesday in the process of trading activity, dealers said.

INTER-BANK MARKET RATES: The rupee held the overnight levels versus the dollar for buying and selling at Rs 156.34 and Rs 156.36 respectively, they said.

OPEN MARKET RATES: The rupee stayed put against the dollar for buying and selling at Rs 156.00 and Rs 156.50 respectively, they added.

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The rupee also did not budge any side in terms of the euro for buying and selling at Rs 170.50 at Rs 172.50 respectively, they added.

Also Read: THE RUPEE: mixed patterns

In the third Asian trade, Worries about a slowing US economy and the possibility of further interest rate cuts in the wake of weak US manufacturing data kept the dollar pinned down on Wednesday, as investors sought shelter elsewhere.

The greenback steadied or fell against most major currencies, after dropping from a two-year high overnight when data showed the US manufacturing activity contracted at the fastest pace in more than a decade in September.

The dollar was trading at 4.190 against the Malaysian ringgit.

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Open Bid       Rs 156.00

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 156.34

Offer Rate     Rs 156.36

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RUPEE IN LAHORE: The Pak rupee depreciated its earlier recoveries in process of trading against the greenback in the local currency market on Wednesday.

According to currency dealers, the short supply phenomenon of the greenback prevailed throughout the trading session which helped its appreciation for buying and selling at Rs 156.20 and Rs 156.45 against the opening trend of Rs 156.00 and Rs 156.40 respectively.

Furthermore, the national currency showed divergent trend as it moved both ways versus the pound sterling. The British currency was bought and sold at Rs 191.20 and Rs 192.20 against the Tuesday’s closing rate of Rs 191.40 and Rs 192.10 respectively, they added.

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

The dollar opened at Rs 156.60 (buying) and Rs 156.70 (selling) against last rate of Rs 156.70 (buying) and Rs 156.80 (selling).

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It closed at Rs 156.60 (buying) and Rs 156.70(selling).

The buying and selling rates of one tola of gold were Rs. 69,100 (selling) and Rs 69,000 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.

(This news/article originally appeared in Business Recorder on October 4th, 2019)

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