The rupee fell sharply against the dollar on the money market on Wednesday in the process of trading, dealers said. The rupee lost about 81 paisas against the dollar for buying and selling at Rs 138.58 and Rs 138.62 respectively, dealers said.
INTER-BANK MARKET RATES: OPEN MARKET RATES: In sympathy with the inter-bank market, the rupee shed 50 paisas for buying and selling at Rs 138.00 and Rs 138.50 respectively, they said. The rupee was trading versus the euro at Rs 155.50 and Rs 157.20 respectively, they said.
In the third Asian trade, the dollar trimmed some of its recent losses but remained under pressure on Wednesday, as an inversion in part of the Treasury yield curve raises concerns about a potential US slowdown.
The Australian dollar slumped more than half a percent against the greenback as disappointing economic data further dimmed the chance of a rise in rates. The Aussie moved sharply off a four-month top of $0.7394 hit early in the week.
Investors were nervous over an inversion of the yield curve between three-year and five-year US Treasury notes and between two-year and five-year notes which limited the dollar’s gains.
Also Read: THE RUPEE: mixed patterns
The dollar was trading against the Indian rupee at Rs 70.590, the greenback was available at 4.156 in terms of the Malaysian ringgit and the US currency was 6.862 in terms of the Chinese yuan.
======================== Open Bid Rs.138.00 Open Offer Rs.138.50 ========================
Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
======================== Bid Rate Rs.138.58 Offer Rate Rs.138.62 ========================
RUPEE IN LAHORE: The Pak rupee failed to hold its strength as it registered reduction against the greenback in the local currency market on Wednesday.
According to currency dealers, the short supply phenomenon of the greenback prevailed throughout the trading session which helped its appreciation for buying and selling at Rs 138.10 and Rs 139.00 respectively against the overnight closing trend of Rs 137.50 and Rs 138.50 respectively.
Moreover, the local currency stayed unchanged against the pound sterling for buying at Rs 174.10 whereas it depreciated 10 paisas and ended lower for selling at Rs 175.30 against the opening rate of Rs 175.40, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 50 paisas against the rupee on the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar opened at Rs 138 (buying) and Rs 138.10 (selling) against last rate of Rs 137.50 (buying) and Rs 138 (selling). It closed at Rs 138 (buying) and Rs 138.10 (selling).
The buying and selling rates of one tola of gold remained Rs 64,350 (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 6th, 2018)