The dollar gained sharply against the rupee on the money market on Thursday in the process of strong demand for the US currency, dealers said. The rupee dropped by 30 paisas in terms of the dollar for buying and selling at Rs 141.39 and Rs 141.40 respectively, they said.
INTER-BANK MARKET RATES: OPEN MARKET RATES: The rupee fell sharply by 50 paisas in relation to the dollar for buying and selling at Rs 142.50 and Rs 143.00 respectively, they said.
The rupee also depreciated by Rs 1.10 versus the euro for buying and selling at Rs 159.80 and Rs 161.0 respectively 0, they said.
In the third Asian trade, the yen slipped and the Australian dollar rose on Wednesday as concerns over the US-China tariff war receded further following a Financial Times report that the two sides have resolved most of the issues standing in the way of a trade deal.
The yen was a touch lower at 111.455 per dollar after brushing 111.53, its weakest since March 20. The Japanese currency, a perceived safe-haven, is often sold when risk aversion abates in the broader markets.
The dollar index against a basket of six major currencies was down 0.1 percent at 97.236, having lost some traction after climbing a 3-1/2-week peak of 95.517 the previous day.
The dollar was trading against the Indian rupee at Rs 68.460, the greenback was at 4.079 versus the Malaysian ringgit and the US currency was at 6.709 in terms of the Chinese yuan.
======================== Open Bid Rs.142.50 Open Offer Rs.143.00 ========================
Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
======================== Bid Rate Rs.141.39 Offer Rate Rs.141.40 ========================
RUPEE IN LAHORE: The Pak rupee depreciated its worth versus the major foreign currencies including the American dollar and the British pound in the local currency market on Wednesday.
According to currency dealers, the short supply phenomenon of the US dollar prevailed throughout the trading session which helped its appreciation for buying and selling at Rs 142.90 and Rs 143.00 against the overnight closing trend of Rs 142.00 and Rs 142.50 respectively.
Likewise, the national currency also followed the same suit, but witnessed historic setback against the pound sterling. The pound’s buying and selling rates rose from the Tuesday’s closing of Rs 185.00 and Rs 185.90 to Rs 188.00 and Rs 189.50 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained firm against the rupee at the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar opened at Rs143.50(buying) and Rs 143.60(selling) against same last rate. It closed at Rs143.50(buying) and Rs 143.60(selling).
(This news/article originally appeared in Business Recorder on April 4th, 2019)