THE RUPEE: Minor changes

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SOURCEBusiness Recorder
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KARACHI: The rupee moved up slightly against the dollar on the local currency market on Thursday in the process of trading activity, dealers said.

INTER-BANK MARKET RATES: The rupee shed two paisas in relation to the dollar for buying at Rs 155.40 while the national currency was unmoved for selling at Rs 155.42, they said.

OPEN MARKET RATES: The rupee held the overnight level in terms of the dollar for buying at Rs 155.20 while it showed a modest gain of 10 paisas for selling at Rs 155.50, they said. The rupee rose by 30 paisas in relation to the euro for buying and selling at Rs 170.00 and Rs 171.50, they said.

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In the fourth Asian trade, doubts that securing a trade agreement between the United States and China is far from a done deal helped to lift safe-haven currencies such as the yen and the Swiss franc on Thursday, while pulling the yuan lower.

Also Read: THE RUPEE: Firm trend

US-China trade negotiations have ‘hit a snag’ over farm purchases, with Beijing not wanting a deal that looks one-sided in favour of the United States, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.

The report came after US President Donald Trump said a trade deal with China was “close,” but offered no details and warned that he would raise tariffs “substantially” on Chinese goods if there was no deal.

The dollar was trading against the Indian rupee at Rs 72.095, the greenback was available at 4.157 in terms of the Malaysian ringgit and the US currency was at 7.020 versus the Chinese yuan.

 

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Open Bid       Rs.155.20


Open Offer     Rs.155.40


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

 

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Bid Rate       Rs.155.40


Offer Rate     Rs.155.42


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RUPEE IN LAHORE: The Pak rupee continued upward trend on buying side while it stayed unchanged on selling side in relation to the American dollar in the local currency market on Thursday.

According to currency dealers, the US dollar further appreciated by 10 paisas and ended higher for buying at Rs 155.00 against the overnight closing rate of Rs 154.90 while it stayed firmed for selling at Rs 155.30.

Moreover, the rupee showed strength as it recovered its earlier losses versus the pound sterling. The pound’s buying and selling rates slid from the Wednesday’s closing of Rs 198.55 and Rs 199.30 to Rs 198.30 and Rs 199.00 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 Thursday.

The dollar opened at Rs 155.50 (buying) and Rs 155.65(selling) against last rate of Rs 155.65 (buying) and Rs 155.80 (selling).

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It closed at Rs 155.50 (buying) and Rs 155.65 (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 15th, 2019)

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