THE RUPEE: firm trend

Firmness prevailed on the currency market on Wednesday as the rupee managed to hold its stability in process of easy supply of dollars, dealers said. The rupee on the back of smooth supply of the US currency held the overnight levels versus the greenback for buying and selling at 85.70 and 85.75, they said.


INTERBANK MARKET RATES:
In the third Asian trade euro struggled to push higher above $1.4000 against the US dollar, which remained on the back-foot as the Federal Reserve looked set to provide more stimulus to spur a flagging recovery. Traders said the market was unwilling to make new bets ahead of the US central bank’s policy decision due at around 1815 GMT. Markets are generally priced for the Fed to initially commit to buying at least $500 billion in Treasuries over five months, although much uncertainty surrounds the scope and pace of bond purchases.”Should the Fed deliver a bigger outcome, say in the region of $1 trillion or above, the US dollar will likely come under renewed pressure. Interbank buy/sell rates for taka against the dollar on Wednesday : 70.45/70.50 (previous 70.50/70.55).

OPEN MARKET RATES: The rupee extended its gains in relation to dollar, rising 30 paisa for buying at 85.50 and rose by 20 paisa for selling at 85.70, they said. The rupee failed to retain it firmness versus euro, losing 41 paisa for buying and selling at Rs 119.50 and Rs 120.00, they added.
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Open Buying      Rs 85.50
Open Selling     Rs 85.70
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
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Buying           Rs.85.70
Selling          Rs.85.75
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RUPEE IN LAHORE: The Pak rupee maintained upward slide and further appreciated its worth by 30-paisa in relation to the greenback in the local currency market on Wednesday.According to the moneychangers, the US dollar failed to sustain and remained under pressure against the local currency. Because of decline in dollar’s demand, its rate moved down to Rs 85.50 and Rs 85.70 on buying and selling counters, as compared to overnight closing of Rs 85.80 an Rs 86.00, respectively.On the contrary, the rupee failed to maintain its position and remained under pressure against the British pound. The pound’s buying and selling rates were increased from Rs 136.00 and 137.00 to Rs 136.50 and Rs 137.50, the moneychangers added.

RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged at the currency markets of Islamabad and Rawalpindi on Wednesday.The dollar resumed trading at Rs 86.15 (buying) and Rs 86.60 (selling) against same last rates. It did not observe further change in the evening session and closed at Rs 86.15 (buying) and Rs 86.60 (selling).Pound sterling opened at Rs 134.00 (buying) and Rs 135.20 (selling) in the morning session. It did not observe further change in the last trading hours and closed at Rs 134.00 (buying) and Rs 135.20 (selling) – Brecorder