Dollar hit new record high at Rs 151.90 in terms of the rupee on the local currency market on Monday, dealers said. Amid intra-day session, the rupee was available at Rs 151.90 due to strong demand for dollar, they said. According to the report, the State Bank of Pakistan (SBP) raised its key interest rate by 150 basis points to 12.25 percent, citing inflationary pressures, exchange rate depreciation and an elevated fiscal deficit. The dollar may maintain upward march against the dollar in the near future, they observed.
INTER-BANK MARKET RATES: The rupee lost Re.one against the dollar for buying and selling at Rs 149.50 and Rs 150.90, they said.
OPEN MARKET RATES: The rupee nearly dropped the same amount in terms of the dollar for buying and selling at Rs 150.00 and Rs 150.90, they said. The rupee also dropped Rs 2 against the euro for buying and selling at Rs 167.00 and Rs 169.50, they said.
In the first Asian trade, the Australian dollar firmed on Monday in the wake of a surprise election victory by the country’s conservative government, although the gains were pared in the face of Sino-US trade tensions and bets for a local rate cut.
The Aussie dollar was last at $0.6906, having bounced from a four-month trough of $0.6865. The currency was briefly quoted as high as $0.6990 but dealers said that was a miss-hit and the true dealt peak was $0.6938.
Also Read: The fall of the rupee
The New Zealand dollar edged up to $0.6530 and away from a seven-month low of $0.6514. The blip higher came after Australian Prime Minister Scott Morrison’s centre-right Liberal National Coalition pulled off a shock win in federal elections, beating the left wing Labor Party.
The dollar was trading against the Indian rupee at Rs 69.605 and the greenback was at 6.908 in terms of the Chinese yuan.
======================== Open Bid Rs.150.00 Open Offer Rs.150.90 ========================
Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday.
======================== Bid Rate Rs.149.50 Offer Rate Rs.150.00 ========================
RUPEE IN LAHORE: The Pak rupee drastically declined its worth versus the major foreign currencies including the American dollar and the British pound in the local currency market on Monday.
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 150.50 and Rs 152.00 against the opening trend of Rs 149.70 and Rs 150.80 respectively.
Likewise, the local currency also followed the same suit in relation to the pound sterling. Consequently, the pound’s buying and selling rates rose from the Saturday’s closing of Rs 187.80 and Rs 189.00 to Rs 189.00 and Rs 190.50 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained firm against the Pak rupee at the local currency markets of Islamabad and Rawaplindi on Monday.
The dollar opened at Rs 151 (buying) and Rs 151.10 (selling) against last rate of Rs 152 (buying) and Rs 152.10(selling). In the second session, the dollar went uotp Rs 152 (buying) and Rs 152.10 (selling). It finally closed at Rs 152(buying) and Rs 152.10(selling).
The buying and selling rates of one tola of gold was over Rs 72,000 (selling) and Rs 71,900 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.
(This news/article originally appeared in Business Recorder on May 21st, 2019)