Wednesday, October 16th, 2019
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The rupee almost managed to hold present levels against the dollar on the money market on Monday in process of trading activity, dealers said.

It was surprising to note that the rupee held present levels against the dollar despite soaring oil prices in the global market,

On Monday, oil surged to four-month highs after weekend attacks on crude facilities in Saudi Arabia sparked supply fears, while shares in Asia extended losses as bleak economic data from China sapped investors' appetite for riskier assets.

INTER-BANK MARKET RATES: The rupee did not show sharp fluctuations versus the dollar for buying and selling at Rs 156.25 and Rs 156.30, they said.

OPEN MARKET RATES: The rupee was unchanged in relation the dollar for buying and selling at Rs 155.80 and Rs 156.30, they added.

Whereas, the rupee picked up 30 paisas in terms of the euro for buying and selling at Rs 171.50 and Rs 173.50, they added.

In the first Asian trade, the dollar fell while safe havens and currencies of oil-producing countries rallied on Monday, following an attack on Saudi Arabian refining facilities that disrupted global oil supply and heightened Middle East tensions.

Oil prices surged nearly a fifth at one point following the strikes on two plants, including the world's biggest petroleum processing facility in Abqaiq, which knocked out more than 5% of global oil supply.

Yemen's Iran-aligned Houthi group claimed responsibility for the damage, but the US has pointed the finger directly at Iran.

The Canadian dollar rose 0.4% to 1.3233 per dollar. The Norwegian krone rose 0.5% to 8.9363 per dollar. Both currencies often move together with the oil price because the countries are major oil exporters.

The dollar was trading against the Indian rupee at Rs 71.535 and the greenback was at 7.071 in terms of the Chinese yuan.

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Open Bid Rs 155.80

Open Offer Rs 156.30

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

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Bid Rate Rs 156.25

Offer Rate Rs 156.30

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RUPEE IN LAHORE: The Pak rupee appreciated its worth versus the major currencies including the American dollar and the British pound in the local currency market on Monday.

Following lack of buyers' interest in the market, the dollar could not sustain its recoveries and ended lower for buying and selling at Rs 155.60 and Rs 156.15 against the previous closing trend of Rs 155.70 and Rs 156.25 respectively, local currency dealers said.

Similarly, the national currency also followed the suit in relation to the pound sterling. Consequently, the pound's buying and selling rates declined from the Saturday's closing of Rs 193.80 and Rs 195.00 to Rs 193.00 and Rs 194.20 respectively, they added.

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

The dollar opened at Rs 156.70 (buying) and Rs 156.80 (selling) against last rate of Rs 156.60 (buying) and Rs 156.70 (selling). It closed at Rs 156.70 (buying) and Rs 156.80 (selling).

The buying and selling rates of one tola of gold were Rs. 86,500 (selling) and Rs 86,000 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.



Copyright Business Recorder, 2019

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