THE RUPEE: Steady trend

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SOURCEBusiness Recorder
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KARACHI: Stable trend was witnessed on the currency market on Tuesday as the rupee managed to hold almost overnight levels against the dollar in the process of trading activity, dealers said.

INTER-BANK MARKET RATES: The rupee did not fluctuate sharply in terms of the dollar for buying and selling at Rs 156.03 and Rs 156.07 respectively, dealers said.

OPEN MARKET RATES: The rupee did not show any change in relation to the dollar for buying and selling at Rs 155.70 and Rs 156.20 respectively, while it gained 10 paisas versus the euro for buying and selling at Rs 171.20 and Rs 173.20 respectively, they added.

In the second Asian trade, the dollar eased marginally to 108.31 against the yen, still not far from its 2-1/2-month high of 108.63 yen marked on Friday. The euro was flat at $1.1031 versus the greenback, off Friday’s three-week high of $1.1062.

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Also Read: THE RUPEE: upward trend

Although markets initially welcomed the “Phase 1” trade deal between China’s yuan remained relatively firm versus the dollar in onshore trade, a day after it hit a two-month high of 7.0494. It last traded at 7.0738 per dollar, a touch lower on the day.

The offshore yuan traded at 7.0760 against the greenback, off Monday’s one-month high of 7.0503. Negotiations between the UK and the European Union over Britain’s exit from the bloc also looked equally fleeting.

The dollar was trading against the Indian rupee at Rs 71.230, the greenback was at 4.185 versus the Malaysian ringgit and the US currency was available at 7.064 in terms of the Chinese yuan.

 


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Open Bid       Rs.155.70


Open Offer     Rs.156.20


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

 


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Bid Rate       Rs.156.03


Offer Rate     Rs.156.07


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RUPEE IN LAHORE: The Pak rupee failed to sustain its recoveries as it depreciated its worth versus 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 throughout the trading session which helped its appreciation for buying and selling at Rs 156.10 and Rs 156.40 against the opening trend of Rs 155.90 and Rs 156.35 respectively.

Likewise, the rupee also followed the suit in relation to the pound sterling. The pound’s buying and selling rates improved from the Monday’s closing of Rs 194.60 and Rs 196.00 to Rs 196.40 and Rs 197.30 respectively, they added.

RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee gained 5 paisa against the dollar at the open currency markets of Islamabad and Rawalpindi here on Tuesday.

The dollar opened at Rs 156.35(buying) and Rs 156.45(selling) against last rate of Rs 156.40(buying) and Rs 156.50(selling).

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It closed at Rs 156.35(buying) and Rs 156.45(selling).

The buying and selling rates of one tola of gold were Rs. 87,200 (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 16th, 2019)

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