THE RUPEE: Firm trend

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SOURCEBusiness Recorder
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KARACHI: Steadier trend was seen on the money market on Tuesday as the rupee managed to hold present levels against the dollar in the process of trading activity, dealers said.

INTER-BANK MARKET RATES: The rupee traded within a narrow band in relation to the dollar for buying and selling at Rs 155.44 and Rs 155.46 respectively, they said.

OPEN MARKET RATES: The rupee did not move any side versus the dollar for buying and selling at Rs 155.20 and Rs 155.50 respectively, they said. The rupee picked up 30 paisas in relation to the euro for buying and selling at Rs 170.50 and Rs 172.00 respectively, they said.

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In the second Asian trade, sterling held gains in Asian trade on Tuesday, having hit a six-month high versus the euro and rising as much as 1% against the dollar overnight, as the risk of a hung parliament in UK elections eased slightly.

Also Read: THE RUPEE: Modest rise on inter-bank market

In a significant boost for Prime Minister Boris Johnson ahead of the Dec. 12 election, Brexit Party leader Nigel Farage said his party was standing down candidates in seats won by the Conservatives in 2017 and would instead focus on challenging anti-Brexit politicians.

The pound rallied to as high as $1.2896 on the news, which the market had interpreted as reducing the probability of a hung- or Labour led- government that would further complicate Britain’s exit from the European Union.

The dollar was available against the Malaysian ringgit at 4.142 and the greenback was trading at 7.003versus the Chinese yuan. Indian markets were closed for a public holiday.

 

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Open Bid       Rs 155.20


Open Offer     Rs 155.50


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

 

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Bid Rate       Rs 155.44


Offer Rate     Rs 155.46


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RUPEE IN LAHORE: The Pak rupee appreciated its worth on buying side while it stayed unchanged on selling side in relation to the greenback in the local currency market on Tuesday.

According to currency dealers, the greenback lost 75 paisas and ended lower for buying at Rs 154.75 against the opening rate of Rs 155.50, whereas it stayed firmed for selling at Rs 155.30.

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In addition, the local currency witnessed divergent trend as it moved both ways against the pound sterling. The British currency was bought and sold at Rs 198.20 and Rs 199.00 against the overnight closing rate of Rs 197.90 and Rs 199.50 respectively, they added.

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

The dollar opened at Rs 155.65 (buying) and Rs 155.75 (selling) against same last week’s rate.

It closed at Rs 155.65 (buying) and Rs 155.75 (selling).

The buying and selling rates of one tola of gold were Rs. 86,750 (selling) and Rs 86,500 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.

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

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