The rupee maintained rising trend against the dollar on the money market on Thursday in the process of trading, dealers said. Easy supply of dollar helped the rupee to recover solid ground and the local currency may depict slight recovery versus the dollar in the coming days, they said.
INTER-BANK MARKET RATES: The rupee gained about Rs 1.30 versus the dollar for buying and selling at Rs 148.45 and Rs 148.55 respectively, they said.
OPEN MARKET RATES: The rupee also picked up Re one in terms of the dollar for buying and selling at Rs 148.00 and Rs 149.00 respectively, they said. The rupee also rose sharply against the euro for buying and selling at Rs 162.50 and Rs 166.50 respectively, they said.
Also Read: THE RUPEE: easier trend
In the fourth Asian trade, the dollar held up against its key rivals on Thursday after fears of an escalation in the Sino-US trade standoff forced investors to take shelter in safe-haven assets, including government bonds.
As the dispute between the world’s two biggest economies showed no signs of abating, worries that global growth will be hurt have rippled through financial markets in recent sessions, with riskier assets in particular taking the brunt of selling.
The dollar held mostly steady even after benchmark 10-year US Treasury yields hit as low as 2.210% overnight, their lowest since the middle of September 2017.
The dollar was trading against the Indian rupee at Rs 69.785, the greenback was at 4.195 versus the Malaysian ringgit and the US currency was available at 6.911 in terms of the Chinese yuan.
======================== Open Bid Rs.148.00 Open Offer Rs.149.00 ========================
Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday.
======================== Bid Rate Rs.148.45 Offer Rate Rs.148.55 ========================
RUPEE IN LAHORE: The Pak rupee showed mixed trend as it gained 50-paisa on buying side while it lost 25-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 healthy note and registered fresh gain following fresh buying. On close of trading, the dollar ended at Rs 148.50 and Rs 149.50 on buying and selling counter against the overnight closing of Rs 149.00 and Rs 149.25, respectively.
However, the rupee remained strong and appreciated its worth against the pound sterling that was traded at Rs 184.50 and Rs 186.50 on buying and selling side as compared to previous closing of Rs 185.50 and Rs 186.70, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the local currency markets of Islamabad and Rawalpindi here on Thursday.
The dollar opened at Rs 149 (buying) and Rs 149.10 (selling) against last rate of Rs 150 (buying) and Rs 150.10 (selling). It closed at Rs 149 (buying) and Rs 149.10 (selling).
The buying and selling rates of one tola of gold was Rs 69,800 (selling) and Rs 69,500 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.
(This news/article originally appeared in Business Recorder on May 31st, 2019)