Pak Rupee: Dollar moves both ways

Thursday July 16, 2009

KARACHI: The rupee gained sharply on the interbank market on Wednesday, it, however, crossed the barrier of 83 on the open market, analysts said. On the interbank market the rupee managed to gain 18 paisa against dollar for buying at 82.32 and 21 paisa for selling at 82.34, they said.

In the meantime, the rupee showed further decline, touching 83 low level in terms of the US currency, they said. Falling value of rupee on the open market is giving an impression that the rupee may lose further on the interbank market in the near future, they added. They said that slide in rupee's value is benefiting for the textile and rice exporters. It looks that the rupee may continue to fall this year also after an erosion of 30 percent value of the rupee during the last fiscal year, they added. In the third Asian trade yen maintained a soft tone, after falling the previous day when upbeat results from Goldman Sachs and Intel boosted investor risk appetite for stocks and modest hopes for an economic recovery. But some analysts said that the reaction from the currency and stock markets could have been stronger, underlining caution ahead of more earnings results and data.

Open Market Rates: The rupee lost 40 paisa versus dollar for buying at 82.70 and 30 paisa for selling at 83.00, dealers said. The rupee followed same pattern against euro losing 49 paisa for buying and selling at Rs 114.54 and Rs 115.54, they said.

Buying Rs 82.32
Selling Rs 82.34

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

Open Buying Rs 82.70
Open Selling Rs 83.00

(BRecorder)