THE RUPEE: Firm trend

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SOURCEBusiness Recorder
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KARACHI: Firmer trend was seen on the money market on Wednesday as the rupee did not move sharply against the dollar on the money market in process of trading activity, dealers said.

INTER-BANK MARKET RATES: The rupee held the overnight levels in relation to the dollar for buying and selling at Rs 155.36 and Rs 155.38, they said.

OPEN MARKET RATES: The rupee was unchanged against the dollar for buying and selling at Rs 155.20 and Rs 155.50, they said. The rupee was inert against the euro for buying and selling at Rs 171.30 and Rs 172.80, they said.

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In the third Asian trade, the dollar and the safe-haven yen edged higher on Wednesday, but not much, as a lack of clarity on US-China trade talks kept investors cautious.

Ahead of the release of minutes from the US Federal Reserve’s last policy meeting at 1900 GMT, traders were again reading tea leaves on the trade negotiations’ progress.

More upbeat reports hinting that talks were getting down to nuts and bolts were offset by rising tension between the parties over Hong Kong. The US Senate’s approval of bills aimed at protecting human rights there drew a sharp rebuke from China.

Also Read: THE RUPEE: Marginal changes

After falling overnight, the greenback rose 0.2% on the Australian dollar to $0.6818. It added 0.1% on the New Zealand dollar to $0.6419, toppling the kiwi from a two-week high.

The dollar was marginally higher against the euro at $1.1074 and a fraction stronger against a basket of currencies at 97.889.

The dollar was available against the Indian rupee at Rs 71.700, the greenback was at 4.157 in terms of the Malaysian ringgit and the US currency was at 7.031 in relation to the Chinese yuan.

 

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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 Wednesday.

 

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Bid Rate       Rs.155.36


Offer Rate     Rs.155.38


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RUPEE IN LAHORE: The Pak rupee witnessed divergent trend as it slightly moved both ways in process of trading against the American dollar in the local currency market on Wednesday.

Following fluctuating demand and supply situation in the market, the greenback moved both ways by five paisas and ended for buying and selling at Rs 155.15 and Rs 155.20 against the overnight closing rate of Rs 155.10 and Rs 155.25 respectively, local currency dealers said.

On the other hand, the national currency continued upward trend for the second consecutive day against the pound sterling. Consequently, the pound’s buying and selling rates further slid from the Tuesday’s closing of Rs 200.10 and Rs 200.80 to Rs 199.55 and Rs 200.20 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 Wednesday.

The dollar opened at Rs 155.60 (buying) and Rs 155.70 (selling) against last rate of Rs 155.55 (buying) and Rs 155.65 (selling).

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It closed at Rs 155.60 (buying) and Rs 155.70 (selling).

The buying and selling rates of one tola of gold were Rs. 85,716 (selling) and Rs 85,500 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.

(This news/article originally appeared in Business Recorder on November 21st, 2019)

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