THE RUPEE: easier trend

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SOURCEBusiness Recorder
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The rupee failed to maintain firm trend against the dollar on the money market on Tuesday in the process of trading, dealers said.

INTER-BANK MARKET RATES: The rupee lost sharply versus the dollar for buying and selling at Rs 150.49 and Rs 150.50 respectively, they said.

OPEN MARKET RATES: The rupee followed same pattern in terms of the dollar for buying and selling at Rs 149.00 and Rs 150.00 respectively, they said. The rupee was almost unchanged against the euro for buying and selling at Rs 164.00 and Rs 168.30 respectively, they said.

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In the second Asian trade, the dollar rose against its major peers on Tuesday as investors awaited new trading catalysts after the European Union parliamentary elections showed a polarisation of the 28-member block.

Also Read: Steps proposed to ease pressure on rupee

The yen was in a holding pattern as US President Donald Trump, who is visiting Japan, is seen putting pressure on Tokyo to reduce the nation’s large trade surplus with the United States.

Many of the currency pairs hugged recent ranges, as activity thinned out overnight with stock exchanges in the United States and Britain closed for market holidays.

The euro struggled following remarks by two officials from the currency bloc that the European Commission is likely to start disciplinary steps against Italy on June 5 over the country’s rising debt and structural deficit levels, which break European Union rules.

Against a basket of six peers, the dollar gained 0.2% to 97.804, trading about 0.6% off a two-year high of 98.371 hit on Thursday. The index is still up 1.7% for the year.

The dollar was trading against the Indian rupee at Rs 69.643, the greenback was at 4.189 in terms of the Malaysian ringgit and US currency was available at 6.906 in relation to the Chinese yuan.

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Open Bid       Rs.149.00

Open Offer     Rs.150.00

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

 

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Bid Rate       Rs.150.49

Offer Rate     Rs.150.50

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RUPEE IN LAHORE: The Pak rupee failed to maintain upward trend and declined against the US dollar and the British pound in the local currency market on Tuesday.

According to the currency dealers, the dollar resumed trading on a healthy sign and kept on rising following fresh demand. At close of trading, the dollar ended higher at Rs 147.00 and Rs 148.50 as its buying and selling rate against the overnight closing of Rs 146.00 and Rs 147.50, respectively.

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Likewise, the rupee remained under pressure and depreciated its worth against the pound sterling. The pound’s buying and selling rate was improved from the day earlier closing of Rs 184.30 and Rs 186.00 to Rs 184.50 and Rs 186.20, respectively, the dealers said.

RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained Re 1 against the rupee at the local currency markets of Islamabad and Rawalpindi on Tuesday.

The dollar opened at Rs 150(buying) and Rs 150.10(selling) against last rate of Rs 149(buying) and Rs 149.10(selling). It closed at Rs 150(buying) and Rs 150.10(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 29th, 2019)

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