The rupee managed to hold its present level against the dollar despite strong demand for dollars to clear the payments, dealers said on the money market on Wednesday. Traditionally, it was observed that before elections, the dollar's demand came down due to easy supply, they said. Now, it was not very difficult to feel that there was no major difference between open and interbank market rates, currency experts said.
INTERBANK MARKET RATES: The rupee inched up versus the dollar for buying and selling at Rs 98.33 and Rs 98.35, they added.
OPEN MARKET RATES: The rupee did not show any change in terms of the dollar for buying and selling at Rs 98.85 and Rs 99.10, they said. While, the rupee also held the overnight levels against the euro for buying and selling at Rs 126.25 and Rs 126.50, they added.
In the third Asian trade, the yen and the euro inched lower versus the dollar on Wednesday, with trading largely characterised by a lack of conviction as markets awaited policy decisions by the Bank of Japan and European Central Bank on Thursday. Yen bears are worried the BOJ, in its first policy review under new governor Haruhiko Kuroda, might not live up to expectations, as markets are already positioned for aggressive stimulus measures.
The dollar firmed 0.1 percent to 93.52 yen, inching away from a one-month low of 92.57 yen set on Tuesday. The dollar was still some way off a 3-1/2 year high of 96.71 yen set last month. The dollar was trading against the Indian rupee at Rs 54.38, the US currency was available at 3.0840 in relation to the Malaysian ringgit and the greenback was at 6.202 in terms of the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Wednesday: 78.10-78.1050 (78.10-78.11). Call Money Rates: 07.00-07.25 percent (previous 05.30-07.50 percent).
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Open Bid Rs 98.85
Open Offer Rs 99.10
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
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Bid Rate Rs.98.33
Offer Rate Rs.98.35
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RUPEE IN LAHORE: The Pak rupee declined against the US dollar on the local currency market on Wednesday. According to the currency dealers, the dollar resumed trading at its day earlier closing of Rs 98.70 and Rs 99.00 as its buying and selling rates, respectively. As a result, of fresh demand was the dollar was moved up and closed at Rs 98.90 and Rs 99.25 on buying and selling side, respectively.
However, the rupee regained some of its earlier loss and was appreciated against the pound sterling. The pound was purchased and sold at Rs 148.30 and Rs 149.00 compared with Tuesday closing of Rs 149.00 and Rs 149.60, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity unchanged on the open currency markets of Islamabad and Rawalpindi here on Wednesday. The dollar opened at Rs 99.20 for buying and Rs 99.30 for selling against same last rate. It closed on same period of Rs 99.20 for buying and Rs 99.30 for selling by the end of evening session. Pound Sterling opened at Rs 154 for buying and Rs 155 for selling against same last rate. It closed at the same rate without further change in the evening session.
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