THE RUPEE: Steady trend

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SOURCEBusiness Recorder
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KARACHI: Slight improvement was seen in the value of the rupee against the dollar on the local currency market on Monday in the process of trading activity, dealers said.

INTER-BANK MARKET RATES: The rupee gained five paisas in relation to the dollar for buying and selling at Rs 155.33 and Rs 155.37 respectively, they said.

OPEN MARKET RATES: The rupee did not move any side in relation to the dollar for buying at Rs 155.20 while it picked up 10 paisas for selling at Rs 155.40, they said. The rupee shed 20 paisas in relation to the euro for buying and selling at Rs 171.00 and Rs 172.50 respectively, they said.

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In the first Asian trade, major currencies were off to a cautious start on Monday as market players looked to whether Washington and Beijing can soon sign off on a deal to end their trade war that has been a drag on the global economic growth.

Chinese state media Xinhua said on Sunday the two countries had “constructive talks” on trade in a high-level phone call on Saturday, but it gave no further details.

Against the yen, the dollar was traded at 108.75 yen, recovering from 108.235 touched on Thursday as rising hopes of a US-China trade deal undercut the yen.

The currency faces a resistance around 109.00, where it has its 200-day moving average. A break-through there could open the way for a retest of its five-month high around 109.50 touched earlier this month.

Also Read: The Rupee: Steady trend

The dollar was trading against the Indian rupee at Rs 71.685, the greenback was at 4.152 in terms of the Malaysian ringgit and the US currency was available at 7.013 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 Monday.

 


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Bid Rate       Rs 155.33


Offer Rate     Rs 155.37


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RUPEE IN LAHORE: The Pak rupee appreciated its worth in process of trading against the greenback in the local currency market on Monday.

Following lack of buyers on interest in the market, the greenback could not hold its strength and ended lower for buying and selling at Rs 154.90 and Rs 155.25 against the previous closing rate of Rs 155.20 and Rs 155.60 respectively, local currency dealers said.

On the other hand, the national currency witnessed declining trend versus the pound sterling which was bought and sold at Rs 200.15 and Rs 200.90 against the Saturday’s closing rate of Rs 199.10 and Rs 200.40 respectively, they added.

RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained five paisas against the rupee at the open currency markets of Islamabad and Rawalpindi here on Monday.

The dollar opened at Rs 155.65 (buying) and Rs 155.75 (selling) against last rate of Rs 155.60 (buying) and Rs 155.70 (selling).

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

The buying and selling rates of one tola of gold were Rs 86,200 (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 November 19th, 2019)

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