KARACHI: The rupee managed to gain modestly 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 nine paisas versus the dollar for buying and selling at Rs 155.52 and Rs 155.54 respectively, they said.
OPEN MARKET RATES: The rupee was almost unchanged in terms of the dollar for buying and selling at Rs 155.30 and Rs 155.60 respectively, they said. The rupee shed 25 paisas against the euro for buying and selling at Rs 171.50 and Rs 173.00 respectively, they said.
In the fourth Asian trade, the dollar inched lower against the yen on Thursday as lingering doubts about when the United States and China will sign a preliminary trade deal discouraged traders from taking big positions.
Sterling traded near a one-week low before a Bank of England meeting later on Thursday. No change in policy is expected, but investors are focused on how the BoE will respond to uncertainties posed by Britain’s fraught exit from the European Union.
Traders are also awaiting results of a general election on Dec. 12, which will determine whether the ruling Conservative Party can capture a majority in Parliament and conclude Brexit by the Jan. 31 deadline.
Also Read: Rupee rising trend
The dollar was caught off-guard on Wednesday after a senior official in US President Donald Trump’s administration told Reuters the signing of a so-called “phase one” trade deal could be delayed until December.
The dollar was trading against the Indian rupee at Rs 71.003, the US currency was available at 4.143 against the Malaysian ringgit and the greenback was at 7.016 in relation to the Chinese yuan.
======================== Open Bid Rs.155.30 Open Offer Rs.155.60 ========================
Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday.
======================== Bid Rate Rs.155.52 Offer Rate Rs.155.54 ========================
RUPEE IN LAHORE: The Pak rupee failed to hold its recoveries in process of trading against the greenback in the local currency market on Thursday.
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 154.80 and Rs 155.80 against the overnight closing trend of Rs 154.45 and Rs 155.30 respectively.
Versus the pound sterling, the national currency witnessed a significant gap between its demand and supply situation as it was bought and sold at Rs 198.00 and Rs 200.00 against the Wednesday’s closing rate of Rs 199.00 and Rs 199.70 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee gained 50 paisas against the dollar at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 155.50(buying) and Rs 155.60(selling) against last rate of Rs 156(buying) and Rs 156.10(selling).
It closed at Rs 155.50(buying) and Rs 155.60(selling).
The buying and selling rates of one tola of gold were Rs. 87,500 (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 November 8th, 2019)