All round declines were seen in the currency market on Thursday as the rupee lost against the euro and the dollar, dealers said. After expanding ground against the dollar in the global markets, the euro ascended in terms of the rupee in the open market, gaining 47 paisa in a single day rally for buying and selling at Rs 81.00 and Rs 81.10, they said.
The rupee also shed five paisa in relation to the dollar for buying and selling at 60.80 and 60.90 in process of trading, they said. In the world markets, the dollar failed to hold its present level as the Federal Reserve held interest rates steady and dropped a reference in its post-policy meeting statement to possible further rate hikes.
Although the Fed said after its Federal Open Market Committee meeting that inflation was still its main concern, investors took the change in the statement as a sign that a rate cut may be near. "It seems the FOMC is signaling that growth may slow enough to address inflationary pressures," said currency strategists at Morgan Stanley.
INTERBANK MARKET RATES: The rupee shed two paisa against the dollar for buying and selling at 60.71 and 60.72, dealers said.
================================
Buying Rs 60.80
Selling Rs 60.90
================================
INTERBANK CLOSING RATES: Interbank closing rates for dollar on Thursday.
==============================
Buying Rs 60.71
Selling Rs 60.72
==============================
RUPEE IN LAHORE: The rupee marginally improved its value by five paisa in relation to the greenback in the local currency markets on Thursday.
According to currency dealers, the dollar resumed trading at overnight closing level of Rs 60.75 and Rs 60.85 as its buying and selling rates, respectively. In the absence of buyers, the dollar could not sustain and declined to Rs 60.70 and Rs 60.80 on buying and selling sides, respectively, the dealers added.
On the contrary, the rupee could not get out of pressure and lost its value against the pound sterling. The pound was purchased at Rs 118.90 and was sold at Rs 119.20 as compared to Wednesday's closing of Rs 118.25 and Rs 118.55, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi on Thursday.
The dollar opened at Rs 60.70 (buying) and Rs 60.80 (selling) against same last rate. It did not show any change in the evening session and closed at Rs 60.70 (buying) and Rs 60.80 (selling).
Pound Sterling opened at Rs 117.50 (buying) and Rs 117.80 (selling) against same last rate. It did not observe any change in the evening session and closed at Rs 117.50 (buying) and Rs 117.80 (selling).
Comments
Comments are closed.