RECORDER REPORT
KARACHI: Weak trend persisted on the money market on Thursday as the rupee continued its fall against the dollar in the process of trading, money experts said.
INTER-BANK MARKET RATES: The rupee moved with little change in terms of the dollar for buying and selling at Rs 115.60 and Rs 115.61 respectively, they said.
In the third Asian trade, the dollar inched up against the yen on Thursday as stocks bounced back from a sell-off triggered by an escalating US-China trade dispute.
The greenback was 0.15 percent higher at 106.930 yen, having pulled higher from a low of 105.990 set the previous day.
The yen, often sought in times of market turmoil and political tensions, had rallied as Wall Street shares initially tumbled on Wednesday after China's swift move to impose retaliatory tariffs on US goods.
But a comeback by US equities helped the dollar bounce, as trade war concerns calmed somewhat after President Donald Trump's economic adviser Larry Kudlow said the administration was in "negotiation" with China, and not engaged in a trade war.
The dollar was trading against he Indian rupee at Rs 65.013 and the greenback was at 3.865 in terms of the Malaysian ringgit. Inter bank buy/sell rates for the taka against the dollar on Thursday: 82.98-82.98 (Previous 82.96-82.96).
OPEN MARKET RATES: The rupee slid by 10 paisas against the dollar for buying and selling at Rs 116.20 and Rs 116.60 respectively, they said. The rupee drifted lower in relation to the euro, losing 30 paisas for buying and selling at Rs 141.80 and Rs 143.60 respectively, they added.
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Open Bid Rs.116.20
Open Offer Rs.116.60
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday.
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Bid Rate Rs.115.60
Offer Rate Rs.115.61
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RUPEE IN LAHORE: The Pak rupee failed to sustain as it registered reduction versus the major foreign currencies including the greenback and British pound in the local 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 116.35 and Rs 116.70 as compared to the overnight closing trend of Rs 116.10 and Rs 116.60 respectively.
Similarly, the national currency also followed the same suit in terms of trading against the pound sterling. Consequently, the pound's buying and selling rates rose from Wednesday's closing of Rs 161.60 and Rs 162.50 to Rs 162.30 and Rs 163.00 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained Re 1 against the rupee at the open currency markets of Islamabad and Rawalpindi here on Thursday.
The dollar opened at Rs 116.70 (buying) and Rs 116.80 (buying) against last rate of Rs 115.70 (buying) and Rs 115.80 (buying). It closed at Rs 116.70 (buying) and Rs 116.80 (buying).
