The rupee recovered moderately against dollar on the currency market on Wednesday in process of trading, dealers said. The rupee appreciated by 17 paisa against dollar for buying at 90.70 and 18 paisa for selling at 90.72, they said.
INTERBANK MARKET: OPEN MARKET RATES: The rupee recovered 10 paisa against dollar for buying and selling at 90.70 and 90.90, they said. The rupee also picked up six paisa in terms of euro for buying at Rs 119.30, but lost 44 paisa for selling at Rs 120.30, they added. In the third Asian trade, the dollar was seen extending its gains after it hit a 3-1/2 month high against yen, as Bank of Japan's easing steps the day before helped trigger more stop-loss buying of the greenback.
On top of BoJ's expansion of its asset-buying scheme, Japan's shrinking current account surplus, its trade deficit and signs of economic recovery in the United States all weighed on yen, triggering big gains in the shares of Japanese exporters on Wednesday. The yuan closed almost unchanged against dollar after People's Bank of China fixed a slightly weaker mid-point that sent a signal that the government hopes to keep the yuan stable in the near term. Dollar was trading versus Indian rupee at Rs 49.26, and at 3.0345 in terms of Malaysian ringgit.
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Open Buying Rs 90.70
Open Selling Rs 90.90
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
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Buying Rs 90.70
Selling Rs 90.72
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RUPEE IN LAHORE: The Pak rupee showed stability and remained unchanged on buying side while it was declined by 10-paisa on selling side against the US dollar in the local currency market on Wednesday.
According to the currency dealers, the dollar's trading commenced at its day earlier closing of Rs 90.90 and Rs 91.20 on buying and selling counters, respectively. The dollar witnessed no change in its buying rate during the day's trading and remained unchanged at Rs 90.90 while its selling rate was ended higher at Rs 91.30, the dealers said.
The rupee also showed strength and was improved by 20 paisa on buying side while its selling rate stayed unchanged against the British pound. The pound was traded at Rs 142.00 and Rs 143.00 on buying and selling counters as compared to last day closing of Rs 142.20 and Rs 143.00, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar showed an improvement of 50 paisa against the rupee at the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar opened at Rs 91 (buying) and Rs 91.20 (selling) against Rs 90.50 (buying) and Rs 90.70 (selling). It did not observe further change in the second session and closed at Rs 91 (buying) and Rs 91.20 (selling).
Pound Sterling opened at Rs 142 (buying) and Rs 142.50 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 142 (buying) and Rs 142.50 (selling).
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