THE RUPEE: dollar hits new highs


The rupee hit the new highs against the dollar on the money market on Friday ahead of a local holiday, dealers said.

According to the marketmen, the decline in the value of the rupee is indicating that if dollars’ buying continues, so the national currency will lose further ground in the coming days. They said that dollars’ demand surged to meet payment requirements. The rupee lost 35 paisas in terms of the dollar for buying and selling at Rs 140.23 and Rs 140.25 respectively, they said.

INTER-BANK MARKET RATES: OPEN MARKET RATES: In line with the inter-bank market trend, the rupee fell by Rs 1.10 against the dollar for buying and selling at Rs 140.80 and Rs 141.30 respectively, they said. The rupee also lost 70 paisas versus the euro for buying and selling at Rs 159.00 and Rs 160.75 respectively, they said.

In the final Asian trade, the dollar eased against a basket of currencies on Friday while sterling gained slightly on news that Prime Minister Theresa May had bought a bit more time to resolve when and how Britain exits from the European Union.

Against a basket of six key rival currencies, the dollar slipped 0.2 percent to 96.314.

The index had risen three-quarters of a percent in the previous session after falling to a more than six-week low on Wednesday after the Federal Reserve said it had abandoned plans to raise interest rates this year.

European Union leaders on Thursday gave May two weeks’ reprieve, until April 12, before Britain could crash out of the bloc if lawmakers next week reject her Brexit plan for a third time.

If she wins the vote in parliament, May will have an extra two months, until May 22.

Sterling rose a quarter of a percent to $1.3140. It had retraced sharp losses overnight, when it touched as low as $1.3004.

The dollar was trading against the Indian rupee at Rs 68.610, the greenback was at 4.058 in terms of the Malaysian ringgit and the US currency was available at 6.704 versus the Chinese yuan.

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Open Bid Rs.140.80

Open Offer Rs.141.30

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

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Bid Rate Rs.140.23

Offer Rate Rs.140.25

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RUPEE IN LAHORE: The Pak rupee registered reduction versus the major foreign currencies including the greenback and the British pound in the local currency market on Wednesday.

According to currency dealers, the short supply phenomenon of the greenback prevailed for the second consecutive day in the market which helped its further appreciation for buying and selling at Rs 139.70 and Rs 140.20 against the overnight closing trend of Rs 139.40 and Rs 139.85 respectively.

Likewise, the national currency also followed the same suit in relation to the pound sterling. The pound’s buying and selling rates rose from the Tuesday’s closing of Rs 183.60 and Rs 184.20 to Rs 183.90 and Rs 184.70 respectively, they added.

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

The dollar opened at Rs139.50(buying) and Rs 139.60(selling) against last rate of Rs139.40(buying) and Rs 139.50(selling). It closed at Rs139.50(buying) and Rs 139.60(selling).

The buying and selling rates of one tola of gold was Rs. 59,400 (selling) and Rs 59,000(buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.

Copyright Business Recorder, 2019



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