Firmness prevailed on the money market on Thursday as the rupee showed no major change in terms of the dollar in the process of trrading activity, dealers said The rupee was almost unchanged in relation to the dollar for buying and selling at Rs 138.22 and Rs 138.24 respectively, they said.
INTER-BANK MARKET RATES: OPEN MARKET RATES: The rupee managed to hold overnight levels against the dollar for buying and selling at Rs 137.80 and Rs 138.30 respectively, they said. The rupee picked up 90 paisas versus the euro for buying at Rs 155.60 while it posted fresh gain of 60 paisas for selling and Rs 157.40, they said.
In the fourth European trade, the euro fell to a two-week low on Thursday after the European Commission sharply cut its forecasts for economic growth in the euro zone.
Global trade tensions and growing public debt are hastening a slowdown in the largest countries of the bloc, complicating the European Central Bank’s plans for an interest rate hike this year and weakening the single currency.
Also Read: THE RUPEE: modest recovery
The euro has lost around 1.3 percent over the last week as investors bet the ECB will keep monetary policy accommodative faced by low inflation in the single currency area.
The dollar index, a gauge of its value versus six major peers was up 0.2 percent at 96.52, hovering close to its two-week high. The index has gained for three consecutive sessions.
Elsewhere, sterling was marginally lower at $1.2914. The British pound has weakened by 1.3 percent in February due to Brexit woes.
======================== Open Bid Rs.137.80 Open Offer Rs.138.30 ========================
Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday.
======================== Bid Rate Rs.138.22 Offer Rate Rs.138.24 ========================
RUPEE IN LAHORE: The Pak rupee depreciated its worth on buying side while it stayed unchanged on selling side in relation to the greenback in the local currency market on Thursday.
According to currency dealers, the greenback gained 40 paisas and ended higher for buying at Rs 137.80 against the overnight closing rate of Rs 137.40 whereas it stayed firmed for selling at Rs 138.30.
Moreover, the national currency continued to keep going up for the second consecutive day against the pound sterling. Resultantly, the pound’s buying and selling rates further slid from the Wednesday’s closing of Rs 177.50 and Rs 178.60 to Rs 177.20 and Rs 178.50 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee gained five paisas against the dollar at the open currency markets of Islamabad and Rawalpindi here on Thursday.
The dollar opened at Rs 137.95 (buying) and Rs 138 (selling) against last rate of Rs 138 (buying) and Rs 138.05 (selling). It closed at Rs 137.95 (buying) and Rs 138 (selling).
The buying and selling rates of one tola of gold was Rs Rs. 67,300 (selling) and Rs 67,000 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.
(This news/article originally appeared in Business Recorder on February 8th, 2019)