THE RUPEE: Divergent trend

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SOURCEBusiness Recorder
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A divergent trend was witnessed on the money market Tuesday as the rupee moved both sides against the dollar in the process of trading activity, dealers said.

INTER-BANK MARKET RATES: The rupee drifted lower in terms of the dollar, shedding eight paisas for buying and selling at Rs 138.72 and Rs 138.75 respectively, they said.

OPEN MARKET RATES: While, the rupee maintained firm trend in relation to the dollar for buying and selling at Rs 138.50 and Rs 139.00 respectively, they said. The rupee also followed the same pattern against the euro for buying at Rs 156.00, while it gained 50 paisas for selling at Rs 157.30, they said.

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In the second Asian trade, the dollar stood close to a two-week high against key peers on Tuesday, shored up by a resilient US economy and a flagging euro ahead of a European Central Bank policy meeting.

Higher US bond yields kept the dollar well bid, and though rates were off overnight peaks, traders bet the greenback had more going for it than some of its peers.

The euro remained wobbly before the ECB meeting on Thursday. The ECB is facing growing pressure to address how to protect the euro zone economy from a protracted slowdown.

In contrast, the dollar has enjoyed some support from higher US Treasury yields as recent data, including US fourth quarter gross domestic product, has eased fears of a potentially rapid loss in economic momentum.

Also Read: THE RUPEE: moves both ways

The dollar index versus a group of six major currencies was 0.05 percent higher at 96.726 after going as high as 96.816 the previous day, its strongest since Feb. 19.

The dollar was trading against the Indian rupee at Rs 70.800, the greenback was at 4.076 versus the Malaysian ringgit and the US currency was at 6.702 in relation to the Chinese yuan.

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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 Tuesday.

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Bid Rate       Rs.138.72

Offer Rate     Rs.138.75

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RUPEE IN LAHORE: The Pak rupee stayed unchanged on buying side while it depreciated on selling side in relation to the greenback in the local currency market on Tuesday.

According to currency dealers, the greenback firmly sustained its opening trend for buying at Rs 139.00 whereas it gained 20 paisas and ended higher for selling at Rs 139.70 against the overnight closing rate of Rs 139.50.

Furthermore, the local currency showed strength as it recovered its earlier losses against the pound sterling. The pound’s buying and selling rates slid from the Monday’s closing of Rs 181.70 and Rs 183.00 to Rs 181.50 and Rs 182.80 respectively, they added.

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

The dollar opened at Rs 138.85 (buying) and Rs 138.95 (selling) against last rate of Rs 138.80 (buying) and Rs 138.90 (selling). It closed at Rs 138.85 (buying) and Rs 138.95 (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 7th, 2019)

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