THE RUPEE: minor changes

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SOURCEBusiness Recorder
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The rupee fell slightly against the dollar on the inter-bank market, while it was unmoved on the open market on Tuesday in the process of trading activity, dealers said.

INTER-BANK MARKET RATES: The rupee shed five paisas versus the dollar for buying and selling at Rs 156.30 and Rs 156.35 respectively, they said.

OPEN MARKET RATES: The rupee was almost unchanged in relation the dollar for buying and selling at Rs 155.80 and Rs 156.30 respectively, they added. The rupee rose by 30 paisas in terms of the euro for buying and selling at Rs 171.20 and Rs 173.20 respectively, they added.

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In the second Asian trade, the greenback found broad support on Tuesday amid the geo-political and economic uncertainties cast by the attacks on Saudi oil facilities, while the Australian dollar was sharply sold after a dovish readout from the central bank.

Also Read: THE RUPEE: rising trend

Oil prices pulled back from soaring heights touched on Monday, and the yen and Swiss franc gave up gains driven by knee-jerk safe-haven buying.

The dollar rose to its strongest since Aug. 1 against the yen, touching 108.36 yen, helped also by US President Donald Trump announcing he’d struck trade agreements with Tokyo.

Moves were slight, however, as traders await outcome of the US Federal Reserve policy meeting on Wednesday, with strong expectations for a cut in interest rates, and Bank of Japan meeting on Thursday.

The dollar index held on to Monday’s gains to stand at 98.609. The euro stood a touch stronger at $1.1010, while the Swiss franc weakened slightly to $0.9919.

The dollar was trading against the Indian rupee at Rs 71.593, the greenback was at 4.177 in terms of the Malaysian ringgit and the US currency was available at 7.075 in relation to the Chinese yuan.

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Open Bid       Rs.155.80

Open Offer     Rs.156.30

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

 

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Bid Rate       Rs.156.30

Offer Rate     Rs.156.35

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RUPEE IN LAHORE: The Pak rupee failed to sustain its earlier recoveries versus the greenback in the local currency market on Tuesday.

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According to currency dealers, the short supply phenomenon of the greenback prevailed throughout the trading session which helped its appreciation for buying and selling at Rs 155.90 and Rs 156.25 against the opening rate of Rs 155.60 and Rs 156.15 respectively.

On the contrary, the rupee continued upward trend for the second consecutive day against the pound sterling. The pound’s buying and selling rates further slid from the Monday’s closing of Rs 193.00 and Rs 194.25 to Rs 192.60 and Rs 193.50 respectively, they added.

RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee recovered 15 paisas against the dollar at the open currency markets of Islamabad and Rawalpindi here on Tuesday.

The dollar opened at Rs 156.55 (buying) and Rs 156.65 (selling) against last rate of Rs 156.70 (buying) and Rs 156.80 (selling).

It closed at Rs 156.55 (buying) and Rs 156.65 (selling).

The buying and selling rates of one tola of gold were Rs. 86,500 (selling) and Rs 86,000(buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.

(This news/article originally appeared in Business Recorder on September 18th, 2019)

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