The rupee hit new lows against the dollar on the money market on Monday in process of trading activity, marketmen said. Commenting on the fresh decline in the rupee value, they said that the money market is moving on demand and supply factor. One thing is surprising to note that despite rupee’s sharp devaluation, the exports have failed to show any improvement, instead imports are going up against the last year, they added.
INTER-BANK MARKET RATES: The rupee Rs 1.10 versus the dollar for buying and selling at Rs 159.80 and Rs 159.90, dealers said.
OPEN MARKET RATES: The rupee dipped after shedding 50 paisas versus the dollar for buying at Rs 159.50 and it also lost Re.one for selling Rs 160.50, dealers said.
The rupee dropped Re.one in relation to the euro for buying and selling at Rs 179.50 and Rs 181.50, they said.
In the first trade, the Australian dollar reached a 10-day high on Monday on stronger-than-expected economic data from China, which some analysts saw as signalling that moves to revive spending in the world’s second biggest economy are working.
The Aussie gained 0.2% to $0.7033 against the US dollar, which ticked higher against the safe-haven yen and the Swiss franc.
China’s industrial output bounced in June from a 17-year low in the previous month. June retail sales surged 9.8% from a year earlier, compared with the 8.3% – a slowing from May’s tepid figures – that polled analysts expected.
China is Australia’s biggest export market and the data caused the Australian dollar to touch its highest point since July 4.
The dollar was available against the Indian rupee at Rs 68.535, the greenback was at 4.106 in terms of the Malaysian ringgit and the US currency was at 6.876 versus the Chinese yuan.
======================== Open Bid Rs 159.50 Open Offer Rs 160.50 ========================
Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday.
======================== Bid Rate Rs 159.80 Offer Rate Rs 159.90 ========================
RUPEE IN LAHORE: The Pak rupee 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 159.80 and Rs 160.80 against the previous closing trend of Rs 159.50 and Rs 160.00 respectively, local currency dealers said.
Similarly, the local currency also followed the suit in relation to the pound sterling. Consequently, the pound’s buying and selling rates rose from the Saturday’s closing of Rs 199.20 and Rs 200.00 to Rs 200.50 and Rs 202.00 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 10-paisa against the rupee at the local currency markets of Islamabad and Rawalpindi here on Monday.
The dollar opened at Rs 160.60 (buying) and Rs 160.70 (selling) against last rate of Rs 160.50 (buying) and Rs 160.60 (selling). It closed at Rs 160.60 (buying) and Rs 160.70 (selling).
The buying and selling rates of one tola of gold was Rs 80,300 (selling) and Rs 80,000 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.
(This news/article originally appeared in Business Recorder on July 16th, 2019)