The rupee managed to resist sharp losses against the dollar on the money market on Tuesday in the process of trading, dealers said. The rupee shed five paisas versus the dollar for buying at Rs 160.55 and it also dropped 10 paisas for selling at Rs 160.65.
INTER-BANK MARKET RATES: OPEN MARKET RATES: The rupee did not show any change in relation to the dollar for buying and selling at Rs 160.20 and Rs 160.70 respectively, dealers said. While, the rupee gained 50 paisas in terms of the euro for buying at Rs 178.50 and it also rose by rupee one for selling at 180.00, they said.
In the second Asian trade, Sterling was on the back foot on Tuesday as investors worried Boris Johnson, the frontrunner to become the UK's next prime minister, would trigger a "hard Brexit" from the European Union, widely seen as a major risk for the British economy.
The euro briefly touched the lowest in five weeks due to growing expectations European Central Bank President Mario Draghi will signal a rate cut in September at a policy meeting later this week to keep inflation expectations on track.
The dollar edged higher against the yen but was hemmed in against other major currencies on expectations for a US Federal Reserve rate cut next week.
The dollar was trading against the Indian rupee at Rs 69.018, the greenback was at 4.117 in terms of the Malaysian ringgit and the US currency was available at 6.883 versus the Chinese yuan.
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Open Bid Rs.160.20
Open Offer Rs.160.70
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday.
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Bid Rate Rs.160.55
Offer Rate Rs.160.65
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RUPEE IN LAHORE: The Pak rupee appreciated its worth versus the major foreign currencies including the greenback and the British pound in the local currency market on Tuesday.
Following lack of buyers' interest in the market, the greenback remained under pressure for the second consecutive day and further ended lower for buying and selling at Rs 159.50 and Rs 160.40 against the opening trend of Rs 160.25 and Rs 160.50 respectively, local currency dealers said.
Likewise, the national currency also followed the suit in relation to the pound sterling. Consequently, the pound's buying and selling rates declined from the Monday's closing of Rs 199.50 and Rs 200.80 to Rs 198.55 and Rs 199.60 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee recovered 20 paisas against the US dollar at the local currency markets of Islamabad and Rawalpindi here on Monday.
The dollar opened at Rs 159.90 (buying) and Rs 160.70 (selling) against last rate of Rs 160.80 (buying) and Rs 160.90 (selling). It closed at Rs 159.90 (buying) and Rs 160.70 (selling).
The buying and selling rates of one tola of gold remained unchanged at Rs 83,300 (selling) and Rs 83,000 (buying) against the rates of previous day (July 22) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.
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