THE RUPEE: dollar hits new high

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SOURCEBusiness Recorder
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The dollar hit the new high after breaching the barrier of Rs 150 against the rupee on the money market on Monday ahead of announcement of Budget 2019-20, marketmen said. The rupee fell sharply against the dollar due to strong demand for the US currency, they added. During the intra-day session, the dollar was available at Rs 151, they added. As expected, the dollar showed its muscles and gained sharply versus the rupee, they added.

INTER-BANK MARKET RATES: The rupee lost Rs 1.60 versus the dollar for buying and selling at Rs 150.00 and Rs 150.10 respectively, they said.

OPEN MARKET RATES: In sympathy, with the inter-bank track, the rupee also lost Rs 1.70 in terms of the dollar for buying and selling at Rs 149.50 and Rs 150.50 respectively, they said. The rupee dropped sharply in relation to the euro for buying and selling at Rs 166.50 and Rs 169.50 respectively, they said.

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Also Read: THE RUPEE: improvement against $

In the first Asian trade, the Mexican peso jumped against the dollar on Monday after the United States and Mexico struck a migration deal late last week to avert a tariff war, providing some much-needed relief to fragile market sentiment.

Over the past year, trade disputes between the United States and its trading partners, including a long-running conflict with China, have slowed global growth and unsettled financial markets.

China’s exports unexpectedly returned to growth in May despite higher US tariffs, data showed on Monday, but many suspected the rise was due to firms front-loading shipments to avoid higher US tariffs. Fears of a longer US-China trade war continued to persist.

The Mexican peso rose 2% to 19.2275 pesos per dollar after trading resumed for the first time after Mexico agreed on Friday to expand along the entire border a programme that sends migrants seeking asylum in the United States to Mexico.

US President Donald Trump had threatened to impose 5% import tariffs on all Mexican goods starting on Monday if Mexico did not commit to do more to tighten its borders.

The dollar was trading against the Indian rupee at Rs 69.465, the greenback was at 4.162 in terms of the Malaysian ringgit and the US currency was available at 6.934 in relation to the Chinese yuan.

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Open Bid       Rs.149.50

Open Offer     Rs.150.50

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

 

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Bid Rate       Rs.150.00

Offer Rate     Rs.150.10

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

According to currency dealers, the short supply phenomenon of the greenback prevailed throughout the trading session which helped its appreciation for buying and selling at Rs 149.00 and Rs 151.00 against the previous closing rates of Rs 146.00 and Rs 147.50 respectively.

Economic Survey: nominal decline registered in July-April exports

Likewise, the national currency also followed the same suit in relation to the pound sterling. The pound’s buying and selling rates improved from the last closing trend of Rs 183.80 and Rs 185.60 to Rs 187.00 and Rs 188.80 respectively, they added.

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

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 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 June 11th, 2019)

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