The rupee moved both ways on the money market on Tuesday against the dollar in the process of trading, dealers said. The rupee rose by one paisa in relation to the dollar for buying at Rs 137.79 and it also rose by 19 paisas for selling at Rs 137.81, dealers said.
INTER-BANK MARKET RATES: OPEN MARKET RATES: The rupee, however, shed 50 paisas versus the dollar for buying at Rs 137.50 while the local currency stayed put for selling Rs 138.00, they said.
The domestic currency fell sharply in terms of the euro for buying and selling at Rs 155.80 and Rs 157.50 respectively, they said.
In the first Asian trade, the dollar slipped in Asia on Tuesday as US Treasury yields fell to three-month lows, a sign some investors were wagering the Federal Reserve would slow the pace of its rate hikes.
The weakness in the dollar comes against the backdrop of a temporary truce in the US-China trade conflict, which has bolstered investor confidence in riskier currencies versus the safe-haven greenback.
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The US 10-year Treasury yield fell to 2.94 percent on Tuesday, its lowest level since mid September. The difference in yield between the US 2-year and 10-year tightened to its smallest since July 2007. The dollar index, a gauge of its value versus six major peers, was off 0.23 percent at 96.8.
The dollar was available against the Indian rupee at Rs 70.405, the greenback was at 4.149 in terms of the Malaysian ringgit and the US currency was at trading versus the Chinese yuan at 6.841.
======================== Open Bid Rs.137.50 Open Offer Rs.138.00 ========================
Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday.
======================== Bid Rate Rs.137.79 Offer Rate Rs.137.81 ========================
RUPEE IN LAHORE: The Pak rupee depreciated on buying side while it stayed unchanged on selling side in relation to the US dollar in the local currency market on Tuesday.
According to currency dealers, the dollar gained 30 paisas and ended higher for buying at Rs 137.50 against the overnight closing rate of Rs 137.20 whereas it firmly held its opening trend for selling at Rs 138.50.
Furthermore, the local currency did not witness any change against the pound sterling for buying at Rs 174.10 while it lost 10 paisas for selling at Rs 175.40 as compared to the overnight closing rate of Rs 175.30, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained firm against the rupee at the open currency markets of Islamabad and Rawalpindi here on Tuesday.
The dollar opened at Rs 137.50(buying) and Rs 138(selling) against same overnight value. It closed at Rs 137.50 (buying) and Rs 138(selling).
The buying and selling rates of one tola of gold remained Rs 64,200 (selling) and Rs 64,000 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.
(This news/article originally appeared in Business Recorder on December 5th, 2018)