THE RUPEE: gives up week-end’s gains

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SOURCEBusiness Recorder
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The rupee failed to extend week-end’s gains against the dollar on the money market on Monday in process of business activity, dealers said. The rupee shed eight paisas in terms of the dollar for buying and selling at Rs 141.39 and Rs 141.40, they said.

INTER-BANK MARKET RATES: OPEN MARKET RATES: The rupee dropped by 20 paisas in relation to the dollar for buying at Rs 142.50 while, it did not show any change for selling Rs 142.80, they said. The rupee gained 60 paisas versus the euro for buying and selling at Rs 159.40 and Rs 161.20, they said.

In the first Asian trade, the dollar sagged on Monday as bond yields extended their decline after a US jobs report showed wage growth lose momentum even as employment increased.

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The closely watched data released on Friday showed non-farm payrolls rose by a solid 196,000 in March, topping expectations and giving riskier assets a much-needed lift. However, other components of the US employment report suggested the economy wasn’t firing on all cylinders.

Wage gains slowed in March, with average hourly earnings rising a modest 0.1 percent after jumping 0.4 percent in February.

Treasury yields slipped and weighed on the dollar as the moderation in wage growth supported the Federal Reserve’s decision to suspend further interest rate increases this year.

Also Read: THE RUPEE: weak trend

The dollar index against a basket of six major currencies inched down 0.15 percent to 97.253, retracing Friday’s modest gains.

The dollar was trading against the Indian rupee at Rs 69.520, the greenback was at 4.098 in terms of the Malaysian ringgit and the US currency was available at 6.720 versus the Chinese yuan.

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Open Bid       Rs.142.50

Open Offer     Rs.142.80

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

 

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Bid Rate       Rs.141.39

Offer Rate     Rs.141.40

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

According to currency dealers, the greenback lost 65 paisas and ended lower for buying at Rs 142.00 against the previous closing rate of Rs 142.65, whereas it firmly sustained its opening trend for selling at Rs 143.00.

Moreover, the rupee local currency significantly recovered its earlier losses versus the pound sterling. Consequently, the pound’s buying and selling rates slid from the Saturday’s closing of Rs 185.10 and Rs 186.70 to Rs 183.70 and Rs 185.00 respectively, they added.

RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee gained 20 paisas against the dollar at the local currency markets of Islamabad and Rawaplindi on Monday.

The dollar opened at Rs 142 (buying) and Rs 142.10 (selling) against last rate of Rs 142.10 (buying) and Rs 142.20 (selling). It closed at Rs 142 (buying) and Rs 142.10 (selling).

The buying and selling rates of one tola of gold was Rs. 59,400 (selling) and Rs 59,000 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.

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

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