THE RUPEE: gains persist

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The rupee maintained upward trend against the dollar on the money market on Tuesday in process of trading activity, dealers said. The rupee rose by 30 paisas versus the dollar for buying and selling at Rs 158.65 and Rs 158.70.

INTER-BANK MARKET RATES: OPEN MARKET RATES: The rupee picked up 10 paisas in terms of the dollar for buying and selling Rs 157.70 and Rs 158.70, dealers said.

The rupee however, shed 50 paisas against the euro for buying and selling at Rs 175.00 and Rs 177.50, they said.

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In the second Asian trade, the offshore yuan pulled back from an all-time low on Tuesday after Beijing appeared to take steps to prevent the currency from weakening further, following a sharp drop that prompted the US government to declare China was manipulating its currency.

The yen erased gains versus the dollar and fell against most major currencies, while the dollar index against major peers remained on the backfoot after Monday’s rapid escalation in tensions pushed the US-China trade war into uncharted territory.

Also Read: THE RUPEE: upward trend

China said early on Tuesday it was selling yuan-denominated bills in Hong Kong, in a move seen as curtailing short selling of the currency.

It also set a daily mid-point for onshore trade that was slightly firmer than markets had expected, though it was still the weakest level since May 2008.

However, the dollar remained down against the euro, while US stock futures fell on worries the trade conflict with China would hurt US economic growth and corporate profits.

The dollar was trading against the Indian rupee at Rs 70.620, the US currency was at 4.185 in terms of the Malaysian ringgit and the greenback was available at 7.047 versus the Chinese yuan.

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Open Bid       Rs.157.70

Open Offer     Rs.158.70

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

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Bid Rate       Rs.158.65

Offer Rate     Rs.158.70

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RUPEE IN LAHORE: The Pak rupee depreciated versus the major foreign currencies including the US dollar and the British pound in the local currency market on Tuesday.

According to currency dealers, the short supply phenomenon of the dollar prevailed throughout the trading session which helped its appreciation for buying and selling at Rs 158.00 and Rs 159.00 against the overnight closing trend of Rs 157.55 and Rs 158.50 respectively.

Subsidies suppress competition, interfere in fair market

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 Monday’s closing of Rs 189.50 and Rs 191.40 to Rs 190.10 and Rs 191.50 respectively, they added.

RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee gained 20 paisas against the dollar at the open currency markets of Islamabad and Rawalpindi here on Tuesday.

The dollar opened at Rs 158.80 (buying) and Rs 158.90 (selling) against last rate of Rs 159 (buying) and Rs 159.10 (selling).

It closed at Rs 158.80 (buying) and Rs 158.90 (selling).

The buying and selling rates of one tola of gold remained as Rs 84,200 (selling) and Rs 83,900 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.

(This news/article originally appeared in Business Recorder on August 7th, 2019)

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