THE RUPEE: modest gains

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The rupee managed to gain modestly against the dollar on the money market on Tuesday in the process of trading, dealers said. The rupee inched up versus the dollar for buying and selling at Rs 138.88 and Rs 138.90 respectively, they said.

INTER-BANK MARKET RATES: In second Asian trade, the dollar fell versus other major currencies for a fourth straight session on Tuesday, as investors grew increasingly convinced the Federal Reserve will not raise interest rates this year amid uncertainties over the US economy.

The dollar index fell marginally to 95.64. It dipped 0.1 percent against the yen and eased marginally versus the euro and sterling in early Asian trade.

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On Friday, Fed Chairman Jerome Powell told the American Economic Association the Fed is not on a preset path of rate hikes and it will be sensitive to the downside risks markets are pricing in.

Also Read: THE RUPEE: little changes

On Monday, Powell’s colleague Raphael Bostic, the Atlanta Fed President, added to the central bank’s dovish tone. Bostic, who is not a voting member of the Federal Open market Committee this year, said the Fed may only need to raise rates once in 2019.

The dollar was trading against the Indian rupee at Rs 70.105, the greenback was available at 4.109 versus the Malaysian ringgit and the US currency was at 6.857 in terms of the Chinese yuan.

OPEN MARKET RATES: The rupee picked up 20 paisas in terms of the dollar for buying and selling at Rs 138.60 and Rs 139.00 respectively, they said. The rupee, however, lost 40 paisas versus the euro for buying and selling at Rs 157.00 and Rs 159.70 respectively, they said.

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Open Bid       Rs.138.60

Open Offer     Rs.139.00

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Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday.

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Bid Rate       Rs.138.88

Offer Rate     Rs.138.90

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RUPEE IN LAHORE: The Pak rupee remained under pressure and lost its worth against the major currencies including the US dollar and the British pound in the local currency market on Tuesday.

The dollar resumed its trading on a healthy note and kept on rising following fresh demand throughout the day. At close of trading, the dollar ended higher at Rs 138.50 and Rs 139.20 on buying and selling side against the overnight closing of Rs 138.10 and Rs 139.00, respectively.

Similarly, the local currency stayed weak and declined against the pound sterling that was purchased and sold at Rs 175.50 and Rs 176.80 as compared to the day earlier closing of Rs 175.30 and Rs 176.50, respectively.

RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 5 paisa against the dollar at the open currency markets of Islamabad and Rawalpindi here on Tuesday.

The dollar opened at Rs 138.85(buying) and Rs 139.05(selling) against last rate of Rs 138.80(buying) and Rs 138.90 (selling). It closed at Rs 138.85(buying) and Rs 139.05(selling).

The buying and selling rates of one tola of gold was Rs 67,800(selling) and Rs 67,5000(buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.

(This news/article originally appeared in Business Recorder on January 9th, 2019)

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