THE RUPEE: firm trend

The rupee moved cautiously against the dollar on the interbank market on Wednesday, dealers said. The rupee did not move any side versus the dollar for buying at Rs 98.39, while it shed one paisa for selling at Rs 98.42, dealers said.
INTERBANK MARKET RATES: In third Asian trade, the euro held steady, clinging above a two-week low set the previous day, but the single currency could face more selling pressure as soft euro-zone data has bolstered expectations of an interest rate cut by the European Central Bank.
The euro was fetching $1.3002. The single currency had hit a two-week low of $1.2973 on Tuesday in light of a survey showing a sharp drop in German business activity in April.
The dollar was trading against the Indian rupee at Rs 54.38, the greenback was available at 3.0490 in terms of the Malaysian ringgit and the US currency was at 6.1781 versus the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Wednesday: 77.95-77.96 (77.95-77.96). Call Money Rates: 07.00-07.50 percent (previous 05.90-08.00 percent).

Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.

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Bid Rate        Rs.98.39

Offer Rate      Rs.98.42

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RUPEE IN LAHORE: The Pak rupee recovered some of its earlier losses against the dollar on the local currency market on Wednesday.
According to the currency dealers, the dollar lost 10 paisa against the local currency at Rs 99.40 and it also shed 25 paisa at Rs 99.50 on buying and selling counters, respectively.
On the contrary, the Pak rupee depreciated its worth against the British pound. The pound was purchased and sold at Rs 151.20 and Rs 151.45, respectively, as against Rs 150.50 and Rs 151.00 of Tuesday, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar 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.
Copyright Business Recorder, 2013