THE RUPEE: bulls persist

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SOURCEBusiness Recorder
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An upward trend was again witnessed on the money market on Monday as the rupee managed to hold present levels versus the dollar in the process of trading session, dealers said.

INTER-BANK MARKET RATES: The rupee moved cautiously in terms of the dollar for buying and selling at Rs 158.60 and Rs 158.65 respectively, they said.

OPEN MARKET RATES: The rupee also picked up 20 paisas in relation to the dollar for buying and selling at Rs 158.50 and Rs 159.00 respectively, dealers said. The rupee also gained 20 paisas against the euro for buying and selling at Rs 174.50 and Rs 176.50 respectively, they said.

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Also Read: THE RUPEE: modest recovery

In the first Asian trade, safe-haven currencies such as the yen and Swiss franc were under pressure on Monday as expectations that policymakers would unleash new stimulus eased immediate concerns about a slowing global economy.

Such hopes found support from the Chinese central bank’s interest rate reforms over the weekend that are expected to lower corporate borrowing costs, and reports of new fiscal stimulus in Germany.

However, investor optimism is likely to be capped ahead of a US decision later on Monday on whether to continue to allow China’s

The dollar index, which measures the greenback against six major currencies, was marginally higher in Asia at 98.201, close to a two-week high of 98.339 reached on Friday.

The dollar was trading against the Indian rupee at Rs 71.228, the greenback was available at 4.166 versus the Malaysian ringgit and the US currency was at 7.047 in terms of the Chinese yuan.

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Open Bid       Rs.158.50

Open Offer     Rs.159.00

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

 

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Bid Rate       Rs.158.60

Offer Rate     Rs.158.65

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RUPEE IN LAHORE: The Pak rupee showed strength as it recovered its earlier losses versus the major foreign currencies including the greenback and the British pound in the local currency market on Monday.

Following lack of buyers’ interest in the market, the greenback could not sustain and ended lower for buying and selling at Rs 158.25 and Rs 159.40 against the previous closing trend of Rs 159.15 and Rs 160.00 respectively, local currency dealers said.

Likewise, the rupee also followed the suit in relation to the pound sterling. Consequently, the pound’s buying and selling rates declined from the Saturday’s closing of Rs 191.60 and Rs 192.60 to Rs 190.00 and Rs 192.50 respectively, they added.

RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 10 paisas against the rupee at the open currency markets of Islamabad and Rawalpindi here on Monday.

The dollar opened at Rs 159.60 (buying) and Rs 159.70 (selling) against last rate of Rs 159.50(buying) and Rs 159.60 (selling). It closed at Rs 159.60 (buying) and Rs 159.70(selling).

The buying and selling rates of one tola of gold remained as Rs 89,000(selling) and Rs 89,800(buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.

(This news/article originally appeared in Business Recorder on August 20th, 2019)

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