Weak trend persisted on the money market on Thursday as the rupee is still under pressure against the dollar in the process trading activity, marketmen said.
INTER-BANK MARKET RATES: The rupee drifted lower in terms of the dollar for buying and selling at Rs 155.70 and Rs 156.70 respectively, they said. The rupee dropped sharply in relation to the euro for buying and selling at Rs 175.00 and Rs 178.00 respectively, they said.
OPEN MARKET RATES: The rupee was almost unmoved versus the dollar for buying and selling at Rs 156.96 and Rs 156.98 respectively, they said.
In the fourth Asian trade, the dollar was on the defensive on Thursday after the Federal Reserve signalled it was ready to lower interest rates to combat growing global and domestic risks.
Also Read: THE RUPEE: easier trend
The Fed on Wednesday left interest rates unchanged as widely expected but said the case for lower rates was building, suggesting it could ease monetary policy as early as next month as it took stock of rising trade tensions and growing concerns about weak inflation.
The dollar index against a basket of six major currencies was little changed at 97.188 after losing more than 0.5% overnight.
The dollar was trading against the Indian rupee at Rs 69.680, the greenback was at 4.159 in terms of the Malaysian ringgit and the US currency was available at 6.893 versus the Chinese yuan.
======================== Open Bid Rs.155.70 Open Offer Rs.156.70 ========================
Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday.
======================== Bid Rate Rs.156.96 Offer Rate Rs.156.98 ========================
RUPEE IN LAHORE: The Pak rupee depreciated its worth versus the major currencies including the greenback and the British pound in the local currency market on Thursday.
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 157.00 and Rs 157.50 against the overnight closing trend of Rs 156.30 and Rs 157.00 respectively.
Likewise, the local currency also followed the same suit in relation to the pound sterling. Consequently, the pound’s buying and selling rates improved from the Wednesday’s closing of Rs 194.50 and Rs 196.10 to Rs 197.10 and Rs 198.90 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained firm against the rupee at the local currency markets of Islamabad and Rawalpindi here on Thursday.
The dollar opened at Rs 157.25 (buying) and Rs 157.35 (selling) against same last rate. It closed at Rs 157.25 (buying) and Rs 157.35 (selling).
The buying and selling rates of one tola of gold was Rs 83,310 (selling) and Rs 83,000 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.
(This news/article originally appeared in Business Recorder on June 21st, 2019)