THE RUPEE: gains persist

The rupee firmly held the commanding position against the dollar on the money market on Tuesday, dealers said. The rupee maintained overnight winning spree versus the dollar, gaining seven-paisa at Rs 101.00 and Rs 101.05 respectively, they said.
INTERBANK MARKET RATES: OPEN MARKET RATES: The rupee was unchanged in relation to the dollar for buying and selling at Rs 101.30 and Rs 101.50 respectively, while the rupee lost 75-paisa in terms of the euro for buying and selling at Rs 125.00 and Rs 125.25 respectively, they said.
In the second Asian market, South Korea's won led gains among emerging Asian currencies on Tuesday as the yen strengthened past the 120 per dollar level, prompting investors to cover short positions in regional units. The Chinese yuan, however, headed for the largest daily loss in its relative value since 2008, as corporates bailed out of the currency on expectations of further monetary easing. The dollar was trading against the Indian rupee at Rs 61.88, the greenback was at 3.4795 versus the Malaysian ringgit and the US currency was available at 6.1886 in terms of the Chinese yuan.

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Open Bid       Rs.101.30

Open Offer     Rs.101.50

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

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Bid Rate       Rs.101.00

Offer Rate     Rs.101.05

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RUPEE IN LAHORE: The Pak rupee showed stability and remained unchanged against the greenback on the local currency market on Tuesday.
According to the currency dealers, the dollar resumed trading at its overnight closing of Rs 101.60 and Rs 101.85 on buying and selling side, respectively. There was no change in the dollar's supply and demand situation throughout the day. As a result, the opening rates continued to prevail till close of trading, the dealers said. Likewise, the Pak rupee-pound sterling parity stayed unchanged. The pound was purchased and sold at its Monday closing of Rs 158.25 and Rs 158.50, respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged on the open currency markets of Islamabad and Rawalpindi here on Tuesday.
The dollar opened at Rs 101.30 (buying) and Rs 101.40 (selling) against same overnight rate. It did not observe further change in the second session and closed at Rs 101.30 (buying) and Rs 101.40 (selling). Pound Sterling opened at Rs 158 (buying) and Rs 159 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 158 (buying) and Rs 159 (selling).
Copyright Business Recorder, 2014