THE RUPEE: steady trend

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SOURCEBusiness Recorder
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Firmness prevailed on the money market on Thursday as the rupee managed to hold present levels in the process of trading activity, dealers said.

INTER-BANK MARKET RATES: The rupee moved little versus the dollar for buying and selling at Rs 158.25 and Rs 158.30 respectively.

OPEN MARKET RATES: The rupee picked up 10 paisas in terms of the dollar for buying and selling Rs 157.40 and Rs 158.40 respectively, dealers said.

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The rupee did not show any change against the euro for buying and selling at Rs 174.50 and Rs 177.00 respectively, they said.

In the fourth Asian trade, the yen was supported on Thursday, after global central banks startled markets with heavy rate cuts and threats of more to come as world economic risks grow, boosting the appeal of the safe-haven Japanese currency.

Also Read: THE RUPEE: rising trend

The New Zealand and Australian dollars clawed back some of their heavy losses from the previous session, although analysts said their longer term outlook remained bleak.

The dollar index against a basket of six major currencies stood little changed at 97.537 after dipping 0.1% overnight.

The index rose to a 27-month high of 98.932 just a week ago after Fed Chairman Jerome Powell ruled out lengthy monetary easing, but it has since declined sharply on resurgent prospects of more rate cuts.

The dollar was trading against the Indian rupee at Rs 70.840, the greenback was at 4.182 versus the Malaysian ringgit and the US currency was at 7.044 in relation to the Chinese yuan.

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Open Bid       Rs.157.40

Open Offer     Rs.158.40

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

 

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Bid Rate       Rs.158.25

Offer Rate     Rs.158.30

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RUPEE IN LAHORE: The Pak rupee continued divergent trend for the second consecutive day versus the greenback in the local currency market on Thursday.

Amidst fluctuating demand and supply situation in the market, the greenback continued to move both ways and ended for buying and selling at Rs 158.10 and Rs 159.30 against the overnight closing trend of Rs 158.20 and Rs 158.80 respectively, local currency dealers said.

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Furthermore, the local currency failed to hold its earlier recoveries against the pound sterling. The pound’s buying and selling rates rose from the Wednesday’s closing of Rs 190.00 and Rs 191.40 to Rs 190.20 and Rs 191.50 respectively, they added.

RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee gained 30 paisas against the dollar at the open currency markets of Islamabad and Rawalpindi here on Thursday.

The dollar opened at Rs 158.70(buying) and Rs 158.80(selling) against last rate of Rs 159(buying) and Rs 159.10(selling).

It closed at Rs 158.70(buying) and Rs 158.80(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 9th, 2019)

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