The rupee shrugged off its overnight weakness against the dollar in the interbank market on Tuesday, gaining three paisa for buying and selling at Rs 60.68 and Rs 60.69, dealers said.
On the easy supply of dollars, the rupee recovered handsome ground and it may recover more value in the coming days, they added. In the international markets, the dollar stayed near overnight lows against most major currencies as the US sales of new homes in February dropped to the lowest rate since June 2000, resurrecting expectations of a Federal Reserve interest rate cut. The report offset stronger-than-expected home sales data last Friday and re-ignited concerns that the slowing US housing market has yet to stabilise.
OPEN MARKET RATES: In the open market the rupee picked up five paisa against the dollar for buying and selling at Rs 60.70 and Rs 60.80 , they said. The rupee, however, failed to maintain its overnight firmness against the euro, losing 41 paisa for buying and selling at Rs 80.66 and Rs 80.76, they said.
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Buying Rs 60.70
Selling Rs 60.80
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Tuesday.
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Buying Rs 60.68
Selling Rs 60.69
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RUPEE IN LAHORE: The rupee-dollar parity remained unchanged amid sluggish trading trend in the local currency market on Tuesday.
According to currency dealers, the dollar's trading commenced at Monday's closing level of Rs 60.70 and Rs 60.80 as its buying and selling rates, respectively. The opening rates continued to prevail during the entire day's trading and finally closed at the same level, the dealers added.
On the contrary, the rupee remained under pressure and lost its value against the pound sterling. The pound's buying rate increased from overnight closing of Rs 118.50 to Rs 118.60 while its selling rate moved up from Rs 118.80 to Rs 118.90, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar-rupee parity remained unchanged at the open currency markets of Islamabad and Rawalpindi on Tuesday.
The dollar opened at Rs 60.75 (buying) and Rs 60.85 (selling) against same last rate. It did not show any change in the second session and closed at Rs 60.75 (buying) and Rs 60.85 (selling).
Pound Sterling opened at Rs 118.65 (buying) and Rs 118.75 (selling) against same overnight rate. It did not observe any change in the second spell and closed at Rs 118.65 (buying) and Rs 118.75 (selling).
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