RECORDER REPORT
KARACHI: The rupee managed to pick up slightly against the dollar on the money market on Wednesday in the process of trading, dealers said.
Commenting on the Panamagate case verdict, Chairman of the Forex Association of Pakistan (FAP) Malik Bostan said it was not very easy to say about the future direction of the market, but it is supposed that the local currency may not react sharply against the dollar in the coming days.
INTER-BANK MARKET RATES: The rupee did not move any side in relation to the dollar for buying and selling at Rs 104.85 and Rs 104.86 respectively, they said.
OPEN MARKET RATES: The rupee rose by five paisas in terms of the dollar for buying and selling at Rs 106.05 and Rs 106.25 respectively, they said.
The domestic currency sustained its overnight levels in terms of the euro for buying and selling at Rs 113.00 and Rs 114.50 respectively, they said.
In the second Asian trade, the dollar lost its grip on earlier gains against the yen on Wednesday, remaining under pressure after North Korea fired a ballistic missile into the sea ahead of a summit between US and Chinese leaders.
Pyongyang's test-fire came just a day before US President Donald Trump and his Chinese counterpart Xi Jinping meet for talks on economic and security issues, and will include persuading North Korea to curb its arms development.
The dollar was trading against the Indian rupee at Rs 65.13, the greenback was at 4.4285 in terms of the Malaysian ringgit and the US currency was at 6.8866 versus the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Wednesday: 79.70-79.70 (previous 79.70-79.70.
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Open Bid Rs.106.05
Open Offer Rs.106.25
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
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Bid Rate Rs.104.85
Offer Rate Rs.104.86
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RUPEE IN LAHORE: The Pak rupee failed to maintain upward trend against the US dollar in the local currency market on Wednesday.
The currency dealers said the US dollar's demand remained intact that kept the rupee under pressure throughout the trading session. As a result, it registered appreciation and ended higher at Rs 106.20 and Rs 106.40 on buying and selling counters, respectively, as compared to the overnight closing rates of Rs 106.05 and Rs 106.30 respectively, they added.
Furthermore, the rupee depreciated on buying side while it stayed unchanged on selling side against the pound sterling. The British currency was bought and sold at Rs 131.40 and Rs 132.00 against Tuesday's closing rates of Rs 131.00 and Rs 132.00 respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar opened at Rs 106.50 (buying) and Rs 107 (selling). It closed at the same rate. Pound Sterling opened at Rs 130 (buying) and Rs 131.50 (selling). It closed at the same rate.
