Sharp gains were seen in the value of the rupee against the dollar on the money market on Thursday in the process of trading activity, dealers said.
INTER-BANK MARKET RATES: The rupee appreciated by 15 paisas in terms of the dollar for buying and selling at Rs 156.16 and Rs 156.20 respectively, they said.
OPEN MARKET RATES: The rupee maintained rising trend, picking up 10 paisas in relation to the dollar for buying and selling at Rs 155.90 and Rs 156.40 respectively, they added.
The rupee, however, lost 40 paisas versus the euro for buying at Rs 171.70 while, it did not show move any side for selling at Rs 173.30, they added.
Also Read: THE RUPEE: modest gains
In the fourth Asian trade, currencies whipsawed on Thursday as news suggesting division, then detente in Sino-US trade talks sparked volatility, with riskier Asian currencies ultimately rallying over a sinking dollar.
Investors, parsing headlines for any clues that tensions weighing on global growth could be resolved, turned from downcast to bullish after Bloomberg reported a currency pact could be part of a deal suspending further tariff hikes.
China’s yuan, the most sensitive currency to the trade war, bounced to a two-week high from a month-low in offshore trade, gaining 0.3 percent by mid-session and pulling the trade-exposed Australian and New Zealand dollars up with it.
The dollar was trading against the Indian rupee at Rs 71.070, the greenback was at 4.191 versus the Malaysian ringgit and the US currency was available at 7.113 in terms of the Chinese yuan.
Open Bid Rs.155.90
Open Offer Rs.156.40
Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday.
Bid Rate Rs.156.16
Offer Rate Rs.156.20
RUPEE IN LAHORE: The Pak rupee stayed unchanged on buying side while it appreciated its worth on selling side in relation to the greenback in the local currency market on Thursday.
According to currency dealers, the greenback firmly sustained its opening trend for buying at Rs 156.30 whereas it lost 20 paisas and ended lower for selling at Rs 156.70 against the overnight closing rate of Rs 156.90.
Moreover, the rupee recovered its earlier losses in process of trading against the pound sterling.
The pound’s buying and selling rates declined from the Wednesday’s closing of Rs 190.80 and Rs 191.80 to Rs 190.35 and Rs 191.25 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee recovered 10 paisas against the dollar at the open currency markets of Islamabad and Rawalpindi here on Thursday.
The dollar opened at Rs 156.70 (buying) and Rs 156.80 (selling) against last rate of Rs 156.80 (buying) and Rs 156.90 (selling).
It closed at Rs 156.70(buying) and Rs 156.80(selling). The buying and selling rates of one tola of gold were Rs. 87,750 (selling) and Rs 87,000 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.
(This news/article originally appeared in Business Recorder on October 11th, 2019)