RECORDER REPORT
KARACHI: Modest recovery was seen on the money market on Wednesday in the process of trading activity, dealers said.
INTER-BANK MARKET RATES: The rupee did not show any change in relation to the dollar for buying and selling at Rs 121.54 and Rs 121.55, they added.
OPEN MARKET RATES: The rupee appreciated by 30 paisas in terms of the dollar for buying and selling at Rs 123.50 and Rs 124.00, and it also gained 75 paisas versus the euro for buying and selling at Rs 143.75 and Rs 145.75, they said.
In the third Asian trade, the dollar rose near an 11-month high against the Chinese yuan and the Australian dollar tumbled after the US said it would slap tariffs on an extra $200 billion of imports from China, sharply escalating tensions between the world's two biggest economies.
The news threw US-China trade war worries back into the spotlight just days after Washington imposed 25 percent tariffs on $34 billion of Chinese imports, and Beijing responded immediately with matching tariffs on the same amount of US exports to China.
The offshore Chinese yuan fell as low as 6.6918 per dollar, down more than 0.5 percent from late US levels and edging near its 11-month low of 6.7344 touched on July 3.
The dollar was trading against the Indian rupee at Rs 68.850, the greenback was available versus the Malaysian ringgit at 4.025 and the US currency was at 6.664 in terms of the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Wednesday: 83.75-83.75 (Previous 83.75-83.75).
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Open Bid Rs.123.50
Open Offer Rs.124.00
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
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Bid Rate Rs.121.54
Offer Rate Rs.121.55
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RUPEE IN LAHORE: The Pak rupee showed stability and remained unchanged on buying side while it gained 30-paisa on selling side in relation to the greenback in the local currency market on Wednesday.
According to the currency dealers, the dollar did not observe any change in its buying rate that stayed unchanged at its overnight closing of Rs 123.00. However, because of lacking interest on the part of buyers, the dollar failed to maintain its day earlier position and declined from Rs 124.30 to Rs 124.00 on selling counter.
The rupee showed strength and appreciated its worth against the pound sterling. The pound's buying and selling rate ended lower at Rs 161.70 and Rs 163.00 as compared to previous closing of Rs 162.20 and Rs 163.20 on buying and selling side, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The value of dollar against the rupee remained unchanged at the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar opened at Rs 124.20 (buying) and Rs 124.30 (selling) against same last rate. It closed at Rs 124.20 (buying) and Rs 124.30 (selling).
