THE RUPEE: Steady trend

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SOURCEBusiness Recorder
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KARACHI: The rupee sustained its value versus the dollar at the commencing session of Year 2020, dealers said on the money market on Wednesday.

INTER-BANK MARKET RATES: RATES: The rates of the rupee were not available because of bank closing, they said.

OPEN MARKET RATES: The rupee did not move any side against the dollar for buying and selling at Rs 154.70 and Rs 155.00 respectively, they said. The rupee, however, gained modestly in terms of the euro for buying and selling at Rs 171.70 and Rs 173.70, they said.

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In the New York trade, the dollar slid to a six-month low on Tuesday as progress on US-China trade tensions led investors to higher-risk assets, while a year-end rally that pushed global equity markets to record highs petered out on the last trading day of 2019.

The year was remarkable for investors, as many equity indices, long-term bonds, oil and gold posted double-digit gains.

Also Read: Rupee suffers hard against all major currencies

US President Donald Trump said the Phase 1 trade pact with China would be signed on Jan. 15 at the White House, though confusion remains about details of the agreement.

 


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Open Bid       Rs 154.70


Open Offer     Rs 155.00


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RUPEE IN LAHORE: The Pak rupee appreciated its worth on buying side while it stayed unchanged on selling side in relation to the greenback in the open currency market on Wednesday.

According to currency dealers, the greenback lost 15-paisas for buying and ended lower at Rs 154.20 against the opening rate of Rs 154.35 whereas it remained firmed for selling at Rs 154.90.

Furthermore, the rupee continued its downward momentum for the third consecutive day against the pound sterling. Consequently, the pound’s buying and selling rates further rose from the Tuesday’s closing of Rs 202.00 and Rs 202.80 to Rs 202.20 and Rs 203.60 respectively, they added.

RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 5paisa against the rupee at the open currency markets of Islamabad and Rawalpindi here on Wednesday.

The dollar opened at Rs 155.20(buying) and Rs 155.30(selling) against last rate of Rs 155.15(buying) and Rs 155.25(selling).

It closed at Rs 155.20(buying) and Rs 155.30(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 January 2nd, 2020)

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