THE RUPEE: all-round gains

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SOURCEBusiness Recorder
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The rupee extended overnight gains against the dollar on the money market on Thursday in the process of trading activity, dealers said.

INTER-BANK MARKET RATES: The rupee picked up about nine paisas versus the dollar for buying and selling at Rs 156.19 and Rs 156.21 respectively, they said.

OPEN MARKET RATES: The rupee followed the suit in relation the dollar, picking up 20 paisas for buying and selling at Rs 156.00 and Rs 156.50 respectively.

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Whereas, the rupee was unchanged in terms of the euro for buying and selling at Rs 171.50 and Rs 173.50, they added.

In the fourth Asian trade, the dollar rose to a six-week high against the safe-haven yen on Thursday after an exchange of olive branches between Washington and Beijing on trade stoked investors’ appetite for risk.

Export-driven Asian currencies from Taiwan to Australia rallied on the buoyant mood as the world’s two largest economies each granted concessions in their heated tariff dispute.

The improved sentiment comes in an otherwise cautious week in foreign exchange, as investors await a key European Central Bank meeting later on Thursday, at which policymakers are expected to ease policy to support flagging growth.

Also Read: THE RUPEE: firm trend

China on Wednesday exempted a basket of US goods from its tariffs, while US President Donald Trump said in a tweet he would delay a scheduled tariff hike by two weeks in October.

The dollar was trading against the Indian rupee at Rs 71.373, the greenback was at 4.170 versus the Malaysian ringgit and the US currency was available at 7.087 in terms of the Chinese yuan.

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Open Bid       Rs.156.00

Open Offer     Rs.156.50

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

 

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Bid Rate       Rs.156.19

Offer Rate     Rs.156.21

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RUPEE IN LAHORE: The Pak rupee appreciated its worth versus the major currencies including the greenback and the British pound in the local currency market on Thursday.

Amidst lack of buyers’ interest in the market, the greenback could not hold its strength and ended lower for buying and selling at Rs 156.00 and Rs 156.45 against the opening trend of Rs 156.20 and Rs 156.90 respectively, local currency dealers said.

In addition, the rupee also followed the suit in relation to the pound sterling. Consequently, the pound’s buying and selling rates slid from the Wednesday’s closing of Rs 192.20 and Rs 193.00 to Rs 191.60 and Rs 192.45 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 Thursday.

The dollar opened at Rs 156.90 (buying) and Rs 157 (selling) against last rate of Rs 156.80(buying) and Rs 156.90(selling).

It closed at Rs 156.90 (buying) and Rs 157 (selling).

The buying and selling rates of one tola of gold were Rs. 89,000 (selling) and Rs 88,500(buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.

(This news/article originally appeared in Business Recorder on September 13th, 2019)

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