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THE RUPEE: declining trend persists

02 Dec, 2018

Just after historical devaluation of the rupee against the dollar and an increase in interest rate to 10 percent on Friday, an easier trend was witnessed on the money market on Saturday in the process of trading activity, dealers said.
The State Bank of Pakistan (SBP) decided to raise its policy (target) rate by 150 basis points (bps) to 10 percent effective from December 3.
The domestic currency was trading in terms of the euro for buying and selling at Rs 154.70 and Rs 156.20 respectively, they said.
In the final US trade, the dollar rose on Friday as investors prepared for the outcome of trade talks between the United States and China at the G-20 meeting on Saturday, which investors expect will increase volatility across markets.
US President Donald Trump said on Friday there were some good signs ahead of the meeting with Chinese President Xi Jinping. The dollar index gained 0.51 percent to 97.268. The Chinese yuan weakened 0.20 percent to 6.96 per dollar.



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Open Bid       Rs.137.00
Open Offer     Rs.138.00
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According to currency dealers, the greenback resumed trading on a negative note following lack of buyers' interest in the market. At the close, it ended lower for buying and selling at Rs 137.00 and Rs 138.30 against the overnight closing trend of Rs 137.50 and Rs 139.00 respectively, they added.
However, the national currency maintained declining trend for the second consecutive day against the pound sterling. The pound's buying and selling rates further rose from Friday's closing of Rs 172.20 and Rs 174.00 to Rs 173.30 and Rs 174.80 respectively, they said.
The dollar opened at Rs 136 (buying) and Rs 136.50 (selling) against last rate of Rs 144 (buying) and Rs 144.50 (selling). It closed at Rs 136 (buying) and Rs 136.50 (selling).
The buying and selling rates of one tola of gold were Rs 63,500(selling) and Rs 63,300(buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.

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