Modest recovery was witnessed on the money market on Monday as the rupee improved versus the dollar in the process of trading activity, dealers said.
INTER-BANK MARKET RATES: The rupee did not budge any side in terms of the dollar for buying and selling at Rs 141.39 and Rs 141.40 respectively, they said.
OPEN MARKET RATES: The rupee recovered week-end losses, picking up 20 paisas versus the dollar for buying and selling at Rs 141.80 and Rs 142.30 respectively, they said. The rupee was nearly unchanged against the euro for buying at Rs 159.00 while it shed five paisas for selling at Rs 160.80, they said.
In the first Asian trade, the dollar drifted higher against the euro and British pound on Monday, supported by the relative strength of the US economy, though moves remained small as many investors were still away for the long Easter weekend.
Financial markets in Australia, Hong Kong and many major countries in Europe are closed on Monday for the Easter holiday. Currency trading continues globally but volume is expected to be light.
The dollar has found support in recent weeks on the back of a gradual rise in US 10-year Treasury yields and signs of strength in the world’s top economy, including better-than-expected retail sales in March, following a weak start to the year.
The dollar index was last down a tenth of a percent at 97.369, drifting slightly lower after booking a 0.4-percent gain last week.
Also Read: THE RUPEE: Mixed trend
The index remained within striking distance of its 2019 high of 97.71 brushed in early March.
The dollar was trading against the Indian rupee at Rs 69.730, the greenback was at 4.135 in terms of the Malaysian ringgit and the US currency was at 6.713 in terms of the Chinese yuan.
======================== Open Bid Rs.141.80 Open Offer Rs.142.30 ========================
Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday.
======================== Bid Rate Rs.141.39 Offer Rate Rs.141.40 ========================
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 Monday.
According to currency dealers, the greenback gained 55 paisas and ended higher for buying at Rs 141.80 against the previous closing rate of Rs 141.25 whereas it did not observe any change for selling at Rs 142.50.
Furthermore, the local currency moved both ways against the pound sterling which was bought and sold at Rs 183.70 and Rs 184.90 against the opening trend of Rs 183.30 and Rs 185.15 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee recovered 10 paisas against the dollar at the local currency markets of Islamabad and Rawaplindi on Monday.
The dollar opened at Rs 141.90 (buying) and Rs 142 (selling) against last rate of Rs 142 (buying) and Rs 142.10 (selling). It closed at Rs 141.90 (buying) and Rs 142 (selling). The buying and selling rates of one tola of gold was Rs. 70,000 (selling) and Rs 70,200 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.
(This news/article originally appeared in Business Recorder on April 24th, 2019)