THE RUPEE: all-round gains

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SOURCEBusiness Recorder
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The rupee managed to gain against the dollar on the money market on Thursday in the process of trading activity, dealers said. The rupee picked up 15 paisas versus the dollar for buying at Rs 141.25 and it also rose by 10 paisas for selling at Rs 141.30, they said.

INTER-BANK MARKET RATES: OPEN MARKET RATES: In line with the inter-bank market trend, the rupee also appreciated in terms of the dollar, gaining 10 paisas for buying and selling at Rs 141.70 and Rs 142.20 respectively, they said. The rupee was almost unchanged in relation to the euro for buying and selling at Rs 158.50 and Rs 160.30 respectively, they said.

In the fourth Asian trade, the dollar was content to consolidate in Asia on Thursday after recovering from a brief spill overnight when markets were whipsawed by mixed messages on policy from the Federal Reserve.

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Trading ranges were again tight with both Japan and China on holiday and little in the way of major economic data in the diary. The break was welcome after a volatile session overnight.

The dollar had taken an initial knock from a surprisingly sharp retreat in the ISM index of manufacturing to 52.8, which overshadowed a strong ADP report on hiring.

Also Read: THE RUPEE: firmer trend

It fell further when the Fed downgraded its inflation outlook and made a technical cut to rates on excess reserves.

The euro was back at $1.1207, after reaching as high as $1.1265 overnight, while the dollar steadied at 111.54 yen from a low of 111.03.

The dollar was trading against the Indian rupee at Rs 69.530 and the greenback was at 4.135 in terms of the Malaysian ringgit.

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Open Bid       Rs.141.70

Open Offer     Rs.142.20

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

 

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Bid Rate       Rs.141.25

Offer Rate     Rs.141.30

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RUPEE IN LAHORE: The Pak rupee showed strength and gained 20-paisa on buying side and 10-paisa on selling side in relation to the greenback in the local currency market on Thursday.

According to the currency dealers, the dollar resumed trading on a depressed note and kept on moving down due to lack of buyers’ interest. At close of trading, the dollar ended lower at Rs 141.60 and Rs 142.20 as its buying and selling rate against the previous closing of Rs 141.80 and Rs 142.30, respectively.

On the contrary, the rupee remained weak and depreciated its worth against the pound sterling. The pound’s buying and selling rate improved from the last Tuesday closing of Rs 183.20 and Rs 184.20 on buying and selling counter to Rs 183.60 and Rs 184.90, respectively, the dealers said.

RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 5 paisa against the rupee at the local currency markets of Islamabad and Rawaplindi on Thursday.

The dollar opened at Rs 141.95 (buying) and Rs 142.05 (selling) against last rate of Rs 141.90 (buying) and Rs 142 (selling). It closed at Rs 141.95 (buying) and Rs 142.05 (selling).

The buying and selling rates of one tola of gold was Rs. 68,900 (selling) and Rs 68,700 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.

(This news/article originally appeared in Business Recorder on May 3rd, 2019)

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