The rupee continued its slide against the dollar on the money market on Tuesday in the process of trading, marketmen said.
INTER-BANK MARKET RATES: The rupee dropped 10 paisas versus the dollar for buying and selling at Rs 157.40 and Rs 157.50 respectively, dealers said.
OPEN MARKET RATES: The rupee also shed 20 paisas against the dollar for buying and selling at Rs 156.70 and Rs 157.70 respectively, they said.
The rupee was almost unmoved in relation to the euro for buying and selling at Rs 175.00 and Rs 177.30 respectively, they said.
In the second Asian trade, the dollar traded near a three-week high on Tuesday against its peers, as investors reduced bets on aggressive US interest rate cuts ahead of the Federal Reserve chairman's testimony to Congress on the economy.
Sterling was pinned near a six-month low versus the dollar on speculation the Bank of England will soon join other major central banks in easing monetary policy in response to growing worries about the global economy and Britain's exit from the European Union.
Fed chief Jerome Powell's comments in two-day testimony to Congress beginning on Wednesday will be closely watched to determine whether traders will continue to pare bets for deep interest rate cuts, which could help the dollar continue its rebound against major currencies.
"There is a risk the Fed will not be as dovish as people thought. Central banks ahead of the curve in this cycle are Australia and New Zealand. The Fed is following, but the European Central Bank and the Bank of England are laggards."
The dollar index versus a basket of six major currencies was little changed at 97.374 on Tuesday, which was close to a three-week high of 97.443 hit on Friday.
The dollar was available against the Indian rupee at Rs 68.795, the greenback was at 4.142 in terms of the Malaysian ringgit and the US currency was at 6.882 versus the Chinese yuan.
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Open Bid Rs.156.70
Open Offer Rs.157.70
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday.
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Bid Rate Rs.157.40
Offer Rate Rs.157.50
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RUPEE IN LAHORE: The Pak rupee continued to keep going down for the second consecutive day versus the major foreign currencies including the greenback and the British pound in the local currency market on Tuesday.
According to currency dealers, the short supply phenomenon of the greenback prevailed for another day in the market which helped its further appreciation for buying and selling at Rs 157.20 and Rs 158.00 against the overnight closing trend of Rs 156.55 and Rs 157.30 respectively.
In addition, the rupee also followed the suit in process of trading against the pound sterling. The pound's buying and selling rates also rose from the Monday's closing of Rs 196.00 and Rs 197.00 to Rs 196.60 and Rs 197.50 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 20 paisas against the rupee at the local currency markets of Islamabad and Rawalpindi here on Tuesday.
The dollar opened at Rs 157.70 (buying) and Rs 157.80(selling) against last rate of Rs 157.50 (buying) and Rs 157.60 (selling). It closed at Rs 157.70 (buying) and Rs 157.80(selling).
The buying and selling rates of one tola of gold was Rs 78,500 (selling) and Rs 78,000 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.
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