As a result of intervention by the State Bank of Pakistan (SBP), the rupee managed to recover against the dollar on the interbank market on Wednesday, money experts said. They said that speculative buying was seen on the currency market for the last several sessions, which dragged the rupee close to 100 versus the dollar. In the meantime the SBP intervened, resulting the rupee is managing to come out of the woods.
INTERBANK MARKET RATES: The rupee extended its gains, picking up more 25 paisa against the dollar for buying and selling at 97.70 and 97.75, they said.
OPEN MARKET RATES: The rupee held the overnight levels versus the dollar for buying and selling at 98.50 and 98.70, they said. The rupee, however, lost 60 paisa in relation to the euro for buying and selling at Rs 129.80 and Rs 130.80, they said.
In the third Asian trade, the yen hit a 16-month low against the euro on Wednesday, weighed down by expectations the Bank of Japan will unveil more monetary stimulus on Thursday, after a two-day policy meeting. The euro hit its strongest level against the yen since August 2011 and also touched a 7-1/2-month high versus the dollar, as tentative signs of progress in US budget talks helped bolster demand for riskier assets.
The dollar was trading against the Indian rupee 54.73, the greenback was at 3.0525 in terms of the Malaysian ringgit and the greenback was at 6.2300 in relation to the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Wednesday: 80.10-80.13 (previous 80.20-80.25). Call Money Rates: 12.00-12.00 percent (previous 7.00-12.00 percent).
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Open Buying Rs 98.50
Open Selling Rs.98.70
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
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Bid Rate Rs.97.70
Offer Rate Rs.97.75
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RUPEE IN LAHORE: The Pak rupee staged recovery and was improved by 30-paisa on buying side at Rs 98.50 and 20-paisa on selling side at Rs 99.00 in relation to the greenback on the local currency market on Wednesday.
According to the currency dealers, the dollar resumed trading on a depressed note and remained under pressure in the absence of buying support. At the close of trading, the dollar was ended lower at Rs 98.50 and Rs 99.00 as its buying and selling rates against the Rs 98.80 and Rs 99.20 of Tuesday, respectively.
However, the rupee-pound sterling parity remained unchanged amid low trading activity on the open market. The pound was purchased and sold at its day earlier closing of Rs 158.80 and Rs 159.50 respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee showed a recovery of Re 1 against the dollar on the open currency markets of Islamabad and Rawalpindi here on Wednesday. The dollar opened at Rs 98.50 for buying and Rs 98.60 for selling against last rate of Rs 99.50 for buying and Rs 99.60 for selling. It did not observe further change in the evening session and closed at Rs 98.50 for buying and Rs 98.60 for selling. Pound Sterling opened at Rs 158.50 for buying and Rs 158.60 for selling against same last rate. It did not observe further change in the second session and closed at Rs 158.50 for buying and Rs 158.60 for selling.
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