THE RUPEE: modest recovery

The rupee maintained an upward trend against the dollar on the money market on Thursday in the process of trading, dealers said.

INTER-BANK MARKET RATES: The rupee gained 20-paisa against the dollar for buying and selling at Rs 102.20 and Rs 102.40, respectively. It also managed to recover 25-paisa in relation to the euro for buying and selling at Rs 111.75 and Rs 112.00 respectively, they said.

OPEN MARKET RATES: The rupee almost held the overnight levels versus the dollar for buying and selling at Rs 102.00 and Rs 102.02 respectively, they said.

In the fourth Asian trade, the US dollar ground lower in small ranges on Thursday, edging towards a four-week low against the yen in the wake of disappointing US data that suggested the greenback’s recent rally is on ice for now.

News that Saudi Arabia and its Gulf Arab allies had launched air strikes in Yemen also quelled risk sentiment and led to a surge in oil prices, though the forex market impact was muted. The strikes are aimed at Houthi fighters who have tightened their grip on the southern city of Aden.

The US currency was available at Rs 62.63 versus the Indian rupee, the dollar was at 3.6750 versus the Malaysian ringgit and the greenback was trading at 6.2145 in relation to the Chinese yuan.

Open Bid       Rs.102.20
Open Offer     Rs.102.40

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

Bid Rate       Rs.102.00
Offer Rate     Rs.102.02

RUPEE IN LAHORE: The rupee showed strength and appreciated its worth by 20-paisa in relation to the greenback on the local currency market on Thursday.

Currency dealers said the dollar resumed trading on a negative note and remained under selling pressure. At close, the dollar ended further lower at Rs 102.30 and Rs 102.55 since its buying and selling rates against Rs 102.50 and Rs 102.75 of Wednesday, respectively.

But the rupee failed to continue its rising trend and remained under pressure against the pound sterling which was traded at Rs 151.60 and Rs 152.40 on the buying and selling counter compared with overnight closing of Rs 151.50 and Rs 151.75, respectively.

RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged on the open currency markets of Islamabad and Rawalpindi here on Thursday.

The dollar opened at Rs 101.75 (buying) and Rs 101.85 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 101.75 (buying) and Rs 101.85 (selling).

Pound Sterling opened at Rs 155 (buying) and Rs 155.50 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 155 (buying) and Rs 155.50 (selling).

Recorder Report