Divergent trend was seen on the currency market on Wednesday, as the State Bank of Pakistan (SBP) raised policy rate by 50 basis points to 10 percent dealers said. To bring the inflation rate down, the SBP on Tuesday announced to raise policy rate by 50 basis points to 10 percent; hopefully prices of essentials may come down near future.
OPEN MARKET RATES: The rupee managed to gain 10-paisa against the dollar for buying and selling at Rs 108.40 and Rs 108.60 respectively, however it lost 50-paisa versus the euro for buying and selling at Rs 144.00 and Rs 144.25 respectively, they said.
INTERBANK MARKET RATES: The rupee inched down by one-paisa in relation to the dollar for buying at Rs 107.54 and it also fell by two paisa for selling at Rs 107.57, they said.
In the third Asian trade, the dollar eased on Wednesday but still clung near a two-month high against the yen, supported by speculation that the US Federal Reserve is on course to start reducing its stimulus as early as December.
After surprisingly strong US October payroll data on Friday had many investors reassessing the timing of a Fed tapering, attention is now on the comments that nominee Fed President Janet Yellen will make at her Senate confirmation hearing on Thursday. The dollar was trading against the rupee at 63.66, the greenback was at 3.2085 in relation to the Malaysian ringgit and the greenback was at 6.0919 versus the Chinese yuan.
========================
Open Bid Rs 107.54
Open Offer Rs 107.57
========================
Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
========================
Bid Rate Rs 108.40
Offer Rate Rs 108.60
========================
RUPEE IN LAHORE: The Pak rupee depreciated its worth in relation to the dollar, while it remained unchanged against the British pound on the open currency markets of Lahore on Wednesday.
The dollar opened at Rs 108.35 for buying and Rs 108.85 for selling against Rs 108.25 and Rs 108.50 of Tuesday. The dollar lost its worth in the second session and closed at Rs 108.30 and Rs 108.80 on buying and selling counters, respectively. However, some of the dealers quoted selling rate of the dollar as Rs 108.75.
On the other hand, the British pound-rupee parity remained unchanged. The pound Sterling was purchased and sold at Rs 171.00 and Rs 171.25 as against same rate on Tuesday.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged on the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar opened at Rs 106.60 for buying and Rs 106.70 for selling against last rate. It observed no change in the second session and closed at Rs 106.60 for buying and Rs 106.70 for selling.
Pound Sterling opened at Rs 169 for buying and Rs 169.50 for selling against same last rate. It closed at the same rate without further change by the end of evening session.
Comments
Comments are closed.