INTER-BANK MARKET RATES: OPEN MARKET RATES: The rupee dropped 30 paisas against the dollar for buying at Rs 138.50 and it also fell by 50 paisas for selling at Rs 139.20, they said. While, the rupee shed 20 paisas versus the euro for buying and selling at Rs 156.020 and Rs 158.00, they said.
Marketmen observed that the government had adopted a wait-and-see before making any bail-out package with the IMF.
No body can predict about the government's near future economic programme, it looks it has some plans, so that it is not making any decision in a haste, they observed. At a time, during the day, the dollar trading against the rupee at Rs 140, they said.
According to reports, Pakistan is likely to secure an IMF bailout soon to stave off a balance of payment crisis and help shore up its economy, Finance Minister Asad Umar said on Monday, as talks between Islamabad and the fund continue.
Besides, the economic turbulence facing Pakistan was underlined on Monday when Moody's Investors' Service cut its outlook on Pakistan's banking sector to negative, citing the banks' large holdings of government bonds "that link their credit profiles to the low-rated government."
It noted that the Pakistani rupee had depreciated by 30 percent against the US dollar, interest rates had risen by 450 basis points between Dec. 2017 and Feb. 2019, and inflation was rising; "all factors which affect business and consumer confidence and the private sector's debt repayment capacities."
Earlier this month, Pakistan's credit rating was downgraded by Standard and Poor's, which cited diminished growth prospects and elevated external and fiscal stresses.
In the first Asian trade, the dollar rose against most other currencies on Monday, holding near a six-week high as fresh worries about US-Sino trade tensions and global growth drove appetite for safe-haven assets.
"US-China talks are the big focus for the week and the dollar strength is indicative of the cautious market sentiment right now owing to its safe-haven status," said Nick Twidale, chief operating officer at Rakuten Securities.
The dollar index, a gauge of its value versus six major peers, was marginally higher at 96.64, on track for its eighth straight day of gains.
========================
Open Bid Rs.138.50
Open Offer Rs.139.20
========================
Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday.
========================
Bid Rate Rs.138.94
Offer Rate Rs.138.95
========================
RUPEE IN LAHORE: The Pak rupee showed strength and registered a gain of 70-paisa on buying side and 40-paisa on selling side in relation to the greenback in the local currency market on Monday.
According to moneychangers, the dollar resumed trading on a depressed note and remained under selling pressure throughout the day. At close of trading, the dollar ended lower at Rs 137.50 and Rs 138.60 on buying and selling counter against the last week closing of Rs 138.20 and Rs 139.00, respectively.
Likewise, the rupee remained strong and registered fresh gain against the pound sterling. Amid selling pressure, the pound was declined from the last Saturday closing of Rs 177.70 and Rs 178.90 on buying and selling side to Rs 177.20 and Rs 178.50, respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 30paisa against the rupee at the open currency markets of Islamabad and Rawalpindi here on Monday.
The dollar opened at Rs 138.70(buying) and Rs 138.80(selling) against last rate of Rs 138.40(buying) and Rs 138.50(selling). It closed at Rs 138.70(buying) and Rs 138.80(selling).
The buying and selling rates of one tola of gold was Rs Rs. 67,300 (selling) and Rs 67,000(buying) in the local Sarafa (gold) markets of Rawalpindi and
Islamabad.