THE RUPEE: slight recovery

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SOURCEBusiness Recorder
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A kind of modest recovery was witnessed on the local market on Thursday as the rupee maintained appreciation against the dollar in the process of trading activity, dealers said.

INTER-BANK MARKET RATES: The rupee gained 50 paisas against the dollar for buying and selling at Rs 151.40 and Rs 151.50 respectively, they said.

OPEN MARKET RATES: In line with the inter-bank market, the rupee picked up 20 paisas versus the dollar for buying at Rs 151.80, and it also appreciated by 50 paisas for selling at Rs 152.50, they said. The rupee gained sharply against the euro for buying and selling at Rs 166.00 and Rs 169.00 respectively, they said.

Also Read: THE RUPEE: $ at Rs151.90

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In the fourth Asian trade, the yen advanced against its peers on Thursday as persistent US-China trade fears and Brexit concerns fanned risk aversion, lifting the safe-haven Japanese currency.

The yen was 0.1% firmer at 110.240 to the dollar, having pulled back from a two-week low of 110.675 plumbed on Tuesday. The Japanese currency also rose modestly against the euro, pound and Australian dollar, adding to overnight gains.

Reports that the United States could impose restrictions on Chinese technology company Hikvision renewed market jitters about trade on Wednesday, reversing a relief rally that followed Washington’s move to temporary ease curbs against Huawei Technology Co Ltd.

The dollar was trading against the Indian rupee at Rs 69.535, the greenback was at 4.192 in terms of the Malaysian ringgit and the US currency was available at 6.914 versus the Chinese yuan.

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Open Bid       Rs.151.80

Open Offer     Rs.152.50

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

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Bid Rate       Rs.151.40

Offer Rate     Rs.151.50

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RUPEE IN LAHORE: The Pak rupee significantly improved its worth versus the major foreign currencies including the greenback and the British pound in the local currency market on Thursday.

Following lack of buyers’ interest in the market, the greenback could not sustain and ended lower for buying and selling at Rs 150.40 and Rs 151.50 against the overnight closing trend of Rs 152.00 and Rs 153.50 respectively, local currency dealers said.

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Likewise, the national currency also followed the same suit in relation to the pound sterling. The pound’s buying and selling rates slid from the Wednesday’s closing of Rs 190.60 and Rs 192.00 to Rs 187.00 and Rs 188.70 respectively, they added.

RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the local currency markets of Islamabad and Rawalpindi on Thursday.

The dollar opened at Rs 152 (buying) and Rs 152.10 (selling) against last rate of Rs 153 (buying) and Rs 153.10 (selling). It closed at Rs 152 (buying) and Rs 152.10 (selling).

The buying and selling rates of one tola of gold was Rs 70,900 (selling) and Rs 70,700 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.

(This news/article originally appeared in Business Recorder on May 24th, 2019)

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