THE RUPEE: Rates go up

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SOURCEBusiness Recorder
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KARACHI: The rupee managed to hold firmness against the dollar on the money market on Tuesday in the process of trading activity, dealers said.

INTER-BANK MARKET RATES: The rupee managed to gain 13 paisas in relation to the dollar for buying and selling at Rs 155.18 and Rs 155.20 respectively, they said.

OPEN MARKET RATES: The rupee was unchanged against the dollar for buying and selling at Rs 155.20 and Rs 155.40 respectively, they said. The rupee was almost unchanged against the euro for buying and selling at Rs 171.20 and Rs 172.70 respectively, they said.

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In the second Asian trade, the dollar traded near a one-week low versus the yen on Tuesday and near the lowest in almost two weeks against the euro, on concern about weak US manufacturing data and signs of new fronts in the US trade war.

Also Read: THE RUPEE: Mixed trends

Sentiment took a hit after US President Donald Trump announced tariffs on metal imports from Brazil and Argentina.

Investors are also worried about whether the United States and China will be able to reach a deal soon to scale back their 17-month long trade war, while more tariffs on other countries’ goods would pose an additional risk to the global economic outlook.

The dollar was trading versus the Indian rupee at Rs 71.600, the greenback was at 4.172 in terms of the Malaysian ringgit and the US currency was available against the Chinese yuan at 7.043.

 

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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 155.18


Offer Rate     Rs 155.20


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RUPEE IN LAHORE: The Pak rupee-greenback parity stayed unchanged amid sluggish trading activity in the open currency market on Tuesday.

According to currency dealers, the greenback did not observe any change in its demand and supply situation throughout the trading session as it firmly sustained its opening trend for buying and selling at Rs 155.00 and Rs 155.45 respectively.

On the other hand, the national currency failed to hold its earlier recoveries against the pound sterling. The pound’s buying and selling rates rose from the Monday’s closing of Rs 199.00 and Rs 199.90 to Rs 199.90 and Rs 200.80 respectively, they added.

RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 10 paisas against the rupee at the open currency markets of Islamabad and Rawalpindi here on Tuesday.

The dollar opened at Rs 155.60 (buying) and Rs 155.70 (selling) against last rate of Rs 155.50 (buying) and Rs 155.60 (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. 85,500 (selling) and Rs 85,200 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi

(This news/article originally appeared in Business Recorder on December 4th, 2019)

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