THE RUPEE: moves both ways

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SOURCEBusiness Recorder
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The rupee played both sides against the dollar on the local currency market on Monday in the process of trading activity, dealers said. The rupee gave up last week’s firm trend in terms of the dollar, losing eight paisas for buying and selling at Rs 138.64 and Rs 138.66 respectively, they said.

INTER-BANK MARKET RATES: OPEN MARKET RATES: The rupee, however, gained 20 paisas in relation to the dollar for buying and selling at Rs 138.50 and Rs 139.00 respectively, they said. The rupee picked up 30 paisas against the euro for buying and selling at Rs 156.00 and Rs 157.80 respectively, they said.

In the first Asian trade, the Australian dollar and the Chinese yuan rose early Monday on hopes Washington and Beijing were close to a trade deal after a bitter year-long tariff dispute.

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Fuelling such expectations was a report from the Wall Street Journal on Sunday that said the United States and China could reach a formal agreement at a summit around March 27 given progress in talks between the two countries.

The Aussie gained 0.40 percent to $0.71055 while the New Zealand dollar rose 0.45 percent to $0.6823.

Also Read: THE RUPEE: mixed patterns

The Chinese yuan ticked up 0.25 percent to 6.6970 to the dollar in the offshore trade, edging near its 7 1/2-month high of 6.6737 hit last week.

The dollar was trading against the Malaysian ringgit at 4.071 and the greenback was available versus the Chinese yuan at 6.691.

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Open Bid       Rs.138.50

Open Offer     Rs.139.00

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

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Bid Rate       Rs.138.64

Offer Rate     Rs.138.66

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RUPEE IN LAHORE: The Pak rupee showed divergent trend in process of trading against the greenback in the local currency market on Monday.

Following fluctuating demand and supply situation in the market, the greenback moved both ways and ended for buying and selling at Rs 139.00 and Rs 139.50 against the previous closing trend of Rs 138.80 and Rs 139.80 respectively, local currency dealers said.

However, the national currency failed to sustain as it registered reduction versus the pound sterling. The pound’s buying and selling rates rose from the Saturday’s closing of Rs 180.90 and Rs 182.00 to Rs 181.70 183.00 respectively, they added.

RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 30 paisa against the rupee at the open currency markets of Islamabad and Rawalpindi here on Monday.

The dollar opened at Rs 138.80 (buying) and Rs 138.90 (selling) against last rate of Rs138.50 (buying) and Rs 138.60 (selling). It closed at Rs138.80 (buying) and Rs 138.90 (selling).

The buying and selling rates of one tola of gold was Rs 69,200 (selling) and Rs 69,000(buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.

(This news/article originally appeared in Business Recorder on March 5th, 2019)

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