THE RUPEE: Well below 168 in open market

KARACHI: On Tuesday, PKR went down by more than a rupee against Euro in open market touching the 200 figure. It also went down against USD in both interbank and open markets going well below 168 in open market. Experts have reiterated that rising current account deficit and increased dollar demand in neighboring Afghanistan has pulled dollar and other majors upwards in Pakistani markets. In global markets, dollar was trading near recent lows at the time of writing of this report as investors looked at other central bank meetings from Australia to Europe for signs of policy normalizations after hopes of Fed easing monetary stimulus faded last week.

INTER-BANK MARKET RATES: In the interbank market, Pakistan Rupee lost 40 paisas for both buying and selling against USD over yesterday’s rates closing at 167.60 and 167.70 respectively.

OPEN MARKET RATES: In the open market, PKR lost 60 paisas for both buying and selling over yesterday’s rates closing at 168.40 and 168.70 respectively.

Against Euro, PKR lost 1.20 rupees for both buying and selling closing at 198.50 and 200 respectively.

Against UAE Dirham, PKR lost 40 paisas for buying and 30 paisas for selling closing at 46.10 and 46.30 respectively.

Against Saudi Riyal, PKR remained unchanged for buying and lost 5 paisas for selling closing at 44.50 and 44.75 respectively.

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Open Bid       Rs 168.40
Open Offer     Rs 168.70
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday.

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Bid Rate       Rs 167.60
Offer Rate     Rs 167.70
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RUPEE IN LAHORE: The Pak rupee continued its downward slide for the second consecutive day versus the greenback and the British pound in the local currency market on Tuesday.

The short supply phenomenon of the greenback continued to prevail for another day in the market which helped its further appreciation for buying and selling at Rs 167.90 and Rs 168.90 against Monday’s closing rate of Rs 167.60 and Rs 168.60, respectively, local currency dealers said.

Likewise, the national currency also followed suit in relation to the pound sterling that was bought and sold at all-time low for buying and selling at Rs 230.50 and Rs 232.00 against the overnight closing trend of Rs 230.30 and Rs 231.90, respectively, they added.