THE RUPEE: rates slip

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SOURCEBusiness Recorder
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The rupee fell modestly against the dollar on the money market on Monday in the process of trading, marketmen said.

INTER-BANK MARKET RATES: The rupee lost 50 paisas versus the dollar for buying and selling at Rs 157.30 and Rs 157.35 respectively, dealers said.

OPEN MARKET RATES: The rupee also shed some gains against the dollar for buying and selling at Rs 156.50 and Rs 157.50 respectively, they said.

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The rupee gained modestly in relation to the euro for buying and selling at Rs 175.00 and Rs 178.00 respectively, they said.

In the first Asian trade, the dollar rose broadly on Monday after strong US jobs growth in June suggested the Federal Reserve will not aggressively cut interest rates later this month.

Also Read: THE RUPEE: modest recovery

US non-farm payrolls rebounded in June to 224,000, the most in five months, data showed on Friday, beating economists’ consensus estimate of 160,000.

The solid outcome virtually wipes out chances for a half point Fed rate cut at the end of July, but moderate wage gains among other data showing the world’s largest economy was losing steam could still encourage the central bank to cut rates by 25 basis points.

The dollar index climbed to as high as 97.443 on Friday, its highest level since June 19, as US Treasury yields rose across the board.

The index, which measures the greenback against a basket of major currencies, was last quoted at 97.277, almost flat in early Asian trade on Monday, with the euro traded at $1.1223.

The dollar was trading against the rupee at Rs 68.620, the greenback was at 4.143 in terms of the Malaysian ringgit and the US currency was available at 6.890 versus the Chinese yuan.

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Open Bid       Rs 156.50

Open Offer     Rs 157.50

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

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Bid Rate       Rs 157.30

Offer Rate     Rs 157.35

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

The short supply phenomenon of the greenback prevailed throughout the trading session which helped its appreciation for buying and selling at Rs 156.55 and Rs 157.30 against the opening trend of Rs 156.30 and Rs 156.90 respectively, local currency dealers said.

Stocks lose as politico-economic uncertainties linger

Similarly, the national currency also followed the suit in relation to the pound sterling. Consequently, the pound’s buying and selling rates improved from the Saturday’s closing of Rs 195.30 and Rs 196.50 to Rs 196.00 and Rs 197.00 respectively, they added.

RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 25paisa against the rupee at the local currency markets of Islamabad and Rawalpindi here on Monday.

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

Rs 157.25 (buying) and Rs 157.35(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 78,500 (selling) and Rs 78,000 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.

(This news/article originally appeared in Business Recorder on July 9th, 2019)

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