KARACHI: The rupee failed to sustain rising trend versus the dollar on the money market on Monday in the process of trading activity, dealers said.
INTER-BANK MARKET RATES: RATES: The rupee could not maintain firmness versus the dollar and shed four paisas for buying and selling at Rs 154.93 and Rs 154.95 respectively, they said.
OPEN MARKET RATES: In line with the inter-bank market trend, the rupee dropped modestly in relation to the dollar for buying and selling at Rs 154.70 and Rs 155.00 respectively, they said. The rupee also shed 30 paisas in terms of the euro for buying and selling at Rs 171.36 and Rs 173.10 respectively, they said.
In the first Asian trade, the dollar was on the defensive on Monday in light year-end trading after suffering a setback in the previous session, as safe-haven demand for the greenback waned on hopes of a US-China trade deal and renewed optimism about global growth.
Sentiment was also boosted during Asian hours after China’s central bank unveiled a measure that would help lower borrowing costs and boost flagging economic growth. Investors also cheered a report forecasting China’s 2019 retail sales grew by 8%.
As the dollar fell out of favour, its index against six major currencies eased a shade to 96.810 following Friday’s 0.6% which was its biggest single day percentage drop since June. With Friday’s loss, the index’s gains for the year have shrunk to 0.7%, putting it on track for the smallest annual change in six years.
Against the Japanese yen, the dollar was a tad weaker at 109.13, on track to end the year slightly below where it started in January. The big gainers in recent weeks have been the risk-sensitive and commodity-linked currencies of Australia and New Zealand.
The dollar was trading against the Indian rupee at Rs 71.343, the greenback was at 4.112 versus the Malaysian ringgit and the US currency was available at 6.983 in terms of the Chinese yuan.
======================== Open Bid Rs 154.70 Open Offer Rs 155.00 ========================
Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday.
======================== Bid Rate Rs 154.93 Offer Rate Rs 154.95 ========================
RUPEE IN LAHORE: The Pak rupee appreciated its worth against the American dollar in the local currency market on Monday.
Amid lack of buyers’ interest in the market, the dollar remained under pressure throughout the trading activity and ended lower for buying and selling at Rs 154.60 and Rs 155.00 against the previous closing rate of Rs 154.70 and Rs 155.15 respectively, local currency dealers said.
On the other hand, the national currency failed to sustain its earlier recoveries versus the pound sterling. The pound’s buying and selling rates rose from the Saturday’s closing of Rs 200.55 and Rs 201.20 to Rs 201.20 and Rs 202.00 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee recovered 50 paisa against the dollar at the open currency markets of Islamabad and Rawalpindi here on Monday.
The dollar opened at Rs 155.10(buying) and Rs 155.20(selling) against last rate of Rs 155.60 (buying) and Rs 155.70 (selling).
It closed at Rs 155.10 (buying) and Rs 155.20 (selling).
The buying and selling rates of one tola of gold were Rs 84,400 (selling) and Rs 84,200 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.
(This news/article originally appeared in Business Recorder on December 31st, 2019)