RECORDER REPORT
KARACHI: The rupee moved both ways on the money market on Wednesday in the process of trading, dealers said.
INTER-BANK MARKET RATES: The rupee recovered seven paisas in relation to the dollar for buying and selling at Rs 104.66 and Rs 104.69, they said.
OPEN MARKET RATES: The rupee, however, lost 20 paisas versus the greenback for buying and selling at Rs 106.00 and Rs 106.20, respectively. The rupee also fell sharply by Rs 1.25 against the euro for buying and selling at Rs 119.00 and Rs 120.00, they added.
In the third Asian trade, The dollar nursed losses around 3-1/2-month lows on Wednesday, pressured by fears of a global economic slowdown following recent falls in oil prices and growing concerns about the health of European banks.
Many traders suspect those troubles will prevent the US Federal Reserve from raising interest rates in the near future and look to Fed Chair Janet Yellen's congressional testimony later in the day for clues on the outlook for policy.
The dollar index eased 0.1 percent to 95.939, not far from a 3-1/2-month low of 95.663 set on Tuesday. The low represented a 4.8 percent decline from its 12-1/2-year peak touched in early December when the consensus was for the Fed to keep raising rates this year, stoking a global capital rush of funds to higher-yielding dollar assets.
The dollar was trading against the Indian rupee at Rs 67.94, the greenback was at 4.1570 in terms of the Malaysian ringgit and the US currency was at 6.5755 versus the Chinese.
Inter bank buy/sell rates for the taka against the dollar on Thursday. 78.6000-78.6050 (previous 78.65-78.70).
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Open Bid Rs.106.00
Open Offer Rs.106.20
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
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Bid Rate Rs.104.66
Offer Rate Rs.104.69
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RUPEE IN LAHORE: The rupee did go under pressure and decline against major currencies on the money market on Wednesday.
The dollar did state off well and recorded gains following fresh buying and finally end further higher at Rs 106.50 and Rs 106.80 as its buying and selling against the previous closing of Rs 105.45 and Rs 105.70.
The rupee depreciated its worth against the pound sterling that was purchased and sold at Rs 152.80 and Rs 153.50 as compared with the day earlier closing of Rs 151.00 and Rs 152.00.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar further gained strength against the Pak rupee at the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar opened at Rs 106 (buying) and Rs 106.20 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 106 (buying) and Rs 106.20 (selling).
Pound Sterling opened at Rs 158 (buying) and Rs 158.50 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 158 (buying) and Rs 158.50 (selling).
