THE RUPEE: more gains

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SOURCEBusiness Recorder
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The rupee extended overnight gains against the dollar on the money market on Thursday in the process of trading, marketmen said.

INTER-BANK MARKET RATES: The rupee jumped versus the dollar for buying and selling at Rs 156.40 and Rs 156.50 respectively, dealers said.

OPEN MARKET RATES: The rupee followed the suit in terms of the dollar, picking up 50 paisas for buying and selling at Rs 156.00 and Rs 157.00 respectively, they said. The rupee gained sharply in relation to the euro for buying and selling at Rs 174.50 and Rs 178.00 respectively, they said.

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In the fourth Asian trade, the dollar was on the back foot on Thursday, trading near a one-week low versus the yen as falling Treasury yields fuelled expectations the US Federal Reserve will cut interest rates this month for the first time in a decade.

Also Read: THE RUPEE: rising trend

The dollar was little changed at 107.75 yen on Thursday, after touching a one-week low of 107.54 yen on Wednesday.

The greenback has fallen 3.5% versus the yen in the past three months amid growing signs the Fed will cut rates at its July 30-31 meeting.

Benchmark 10-year US yields touched 1.939%, the lowest since November 2016, before recovering slightly. Lower yields reduce the appeal of holding the dollar.

The dollar index against a basket of six major currencies was slightly lower at 96.712.

The dollar was available versus the Indian rupee at Rs 68.865, the greenback was at 4.131 against the Malaysian ringgit and the US currency was at 6.871 in relation to the Chinese yuan.

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Open Bid       Rs.156.00

Open Offer     Rs.157.00

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

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Bid Rate       Rs.156.40

Offer Rate     Rs.156.50

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RUPEE IN LAHORE: The Pak rupee continued to keep going up for the fourth consecutive day against the greenback in the local currency market on Thursday.

Amidst lack of buyers’ interest in the market, the greenback remained under selling pressure for another day and ended further lower for buying and selling at Rs 154.60 and Rs 156.00 against the opening trend of Rs 156.00 and Rs 158.30 respectively, local currency dealers said.

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Furthermore, the rupee did not observe any change against the pound sterling for buying at Rs 195.00 while it ended lower for selling at Rs 196.40 against the previous closing rate of Rs 197.50, they added.

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

The dollar opened at Rs 157.50 (buying) and Rs 157.60(selling) against last rate of Rs 158.50 (buying) and Rs 158.60(selling).

It closed at Rs 157.50 (buying) and Rs 157.60(selling).

The buying and selling rates of one tola of gold was Rs 77,700 (selling) and Rs 77,000 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.

(This news/article originally appeared in Business Recorder on July 5th, 2019)

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