THE RUPEE: modest gains

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SOURCEBusiness Recorder
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The rupee ascended modestly against the dollar on the money market on Wednesday in the process of trading activity, dealers said. The rupee gained modestly in terms of the dollar for buying and selling at Rs 156.30 and Rs 156.35 respectively, they said.

INTER-BANK MARKET RATES: OPEN MARKET RATES: The rupee picked up 10 paisas in relation to the dollar for buying and selling at Rs 156.00 and Rs 156.50 respectively, they added.

The rupee gained 20 paisas versus the euro for buying and selling at Rs 171.30 and Rs 173.30 respectively, they added.

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In the third Asian trade, the dollar steadied on Wednesday as hopes for a breakthrough in U.S-China trade talks waned, sending investors into less risky assets, while the pound wallowed near a month low on deepening uncertainty over Brexit.

The US imposition of visa restrictions on Chinese officials and the blacklisting of Chinese firms, over the treatment of Muslim minorities have cast a pall over trade discussions scheduled in Washington for the rest of the week.

Also Read: THE RUPEE: weak trend witnessed

The resulting risk aversion had bolstered the dollar overnight, which is seen as a safe-haven owing to its position as a global reserve currency.

The greenback rose slightly to 107.14 Japanese yen and was steady at $1.0962 on the euro. It was flat around 99.093 against a basket of major currencies.

The dollar was available against the Indian rupee at Rs 71.110, the greenback was at 4.196 in relation to the Malaysian ringgit and the US currency was at 7.142 in terms of the Chinese yuan.

 

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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.156.30

Offer Rate Rs.156.35

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RUPEE IN LAHORE: The Pak rupee-greenback parity stayed unchanged amid sluggish trading activity in the local currency market on Wednesday.

According to currency dealers, the demand and supply situation of the greenback did not observe any change throughout the trading session as it firmly sustained its opening rate for buying and selling at Rs 156.30 and Rs 156.90 respectively.

On the other hand, the national currency witnessed divergent trend as it moved both ways against the pound sterling. The British currency was bought and sold at Rs 190.80 and Rs 191.80 against the Tuesday’s closing rate of Rs 190.50 and Rs 192.00 respectively, they added.

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

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

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It closed at Rs 156.80 (buying) and Rs 156.90 (selling).

The buying and selling rates of one tola of gold were Rs. 87,750 (selling) and Rs 87,000 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.

(This news/article originally appeared in Business Recorder on October 10th, 2019)

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