THE RUPEE: Gains more grounds

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SOURCEBusiness Recorder
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KARACHI: The rupee maintained upward trend against the dollar on the money market on Thursday in the process of trading activity, dealers said.

INTER-BANK MARKET RATES: The rupee extended overnight gains in relation to the dollar for buying and selling at Rs 155.09 and Rs 155.11 respectively, they said.

OPEN MARKET RATES: The rupee followed the same pattern versus the dollar, picking up 20 paisas for buying at Rs 154.80, while it also rose by 10 paisas for selling at Rs 155.10, they said. The rupee was trading against the euro for buying and selling at Rs 170.50 and Rs 172.20 respectively, they said.

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In the fourth Asian trade, the dollar wobbled on Thursday as an earlier boost from upbeat trade comments by US President Donald Trump ran out of steam and investors remained on edge over Sino-US tensions.

Also Read: THE RUPEE: Rates go up

In a fillip to sentiment overnight, Trump said talks to resolve the damaging trade war with China were going “very well”. Bloomberg also reported that the two sides are moving closer to an agreement, citing people familiar with the talks.

However, with no official reassurance from the Chinese on Thursday and only a day after Trump said a deal might not come until after the 2020 presidential election, the recovery promptly stalled in Asian trade.

Movements in major currencies were modest. The safe-haven Japanese yen steadied at 108.84 per dollar, while the Swiss franc inched higher to 0.9879 per dollar. The euro firmed marginally against the dollar to $1.1084, which pushed the greenback down 0.1% against a basket of currencies to 97.551.

The dollar was trading against the Indian rupee at Rs 71.500, the greenback was at 4.171 in terms of the Malaysian ringgit and the US currency was at 7.053 versus the Chinese yuan.

 


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Open Bid       Rs 154.80


Open Offer     Rs 155.10


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

 


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Bid Rate       Rs 155.09


Offer Rate     Rs 155.11


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RUPEE IN LAHORE: The Pak rupee failed to hold its earlier recoveries versus major foreign currencies including the greenback and the British pound in the open currency market on Thursday.

According to currency dealers, the short supply phenomenon of the greenback prevailed throughout the trading session which helped its appreciation for buying and selling at Rs 154.50 and Rs 155.30 against the overnight closing trend of Rs 154.40 and Rs 155.20 respectively.

Similarly, the national currency also followed the suit in relation to the pound sterling which was bought and sold at Rs 201.50 and Rs 202.50 against the Wednesday’s closing rate of Rs 200.70 and Rs 201.80 respectively, they added.

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

The dollar opened at Rs 155.30 (buying) and Rs 155.40 (selling) against last rate of Rs 155.40 (buying) and Rs 155.50 (selling).

Over half of KP uplift funds released in three months unutilised

It closed at Rs 155.30 (buying) and Rs 155.40 (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 6th, 2019)

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