THE RUPEE: all-round gains

All-round gains were seen on the money market on Wednesday as the rupee moved up against the dollar in the process of trading, the dealer said. The rupee posted fresh gains of 11-paisa versus the dollar due to easy supply of US currency for buying and selling at Rs 104.79 and Rs 104.82 respectively, they said.
INTERBANK MARKET RATES: OPEN MARKET RATES: The rupee was higher by 10-paisa against the dollar for buying and selling at Rs 106.40 and Rs 106.60 respectively. At the same time, the rupee picked up 50-paisa in terms of euro for buying and selling at Rs 116.00 and 117.00 respectively. In the third Asian trade, emerging Asian currencies slumped on Wednesday as oil prices extended losses and sparked a rush out of risk assets, sending the South Korean won to a 5-1/2-year low.
Indonesia's rupiah lost one percent as foreign banks sold, while some of the country's bonds also fell. The Malaysian ringgit slid as offshore funds unloaded the unit on concerns about sliding oil and gas prices affecting government revenue. The dollar was trading against the Indian rupee at Rs 68.23, the US currency was at 4.2380 in relation to the Malaysian ringgit and the greenback was at 6.5799 in terms of the Chinese yuan.

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Open Bid       Rs.106.40

Open Offer     Rs.106.60

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

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Bid Rate       Rs.104.79

Offer Rate     Rs.104.82

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RUPEE IN LAHORE: The rupee did improve against the American dollar on Wednesday as the latter slightly fell in its demand and supply.
This slight fall did help the rupee in the open market though.
The dollar did slip to Rs 106.55 and Rs 106.80 on buying and selling against Rs 106.60 and Rs 106.85 of Tuesday.
The rupee did fail to get out of pressure against the British pound that was traded at Rs 153.50 and Rs 154.20 on buying and selling as compared with the previous closing of Rs 153.00 and Rs 154.00.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar further gained strength against the Pak rupee at the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar opened at Rs 106 (buying) and Rs 106.20 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 106 (buying) and Rs 106.20 (selling). Pound Sterling opened at Rs 158 (buying) and Rs 158.50 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 158 (buying) and Rs 158.50 (selling).
Copyright Business Recorder, 2016