The rupee drifted lower slightly against the dollar on the money market on Thursday in the process of trading activity, dealers said. The rupee lost 10 paisas versus the dollar for buying at Rs 112.20 and the national currency fell by five paisas for selling Rs 112.50, while it lost 60 paisas in terms of the euro for buying and selling at Rs 138.40 and Rs 140.40 respectively, they added.
OPEN MARKET RATES: INTER-BANK MARKET RATES: The rupee held overnight levels in relation to the dollar for buying and selling at Rs 110.54 and Rs 110.55 respectively, they said.
In the fourth Asian trade, the dollar skidded to a three-year low against its peers on Thursday after caving on comments by US Treasury secretary Steven Mnuchin that he welcomed a weaker currency, while the euro was firm ahead of the European Central Bank's policy decision.
The single currency extended its overnight rally to $1.2425, up 0.15 percent and going as high as $1.2428, its strongest since December 2014.
The dollar slumped after Mnuchin told the World Economic Forum in Davos on Wednesday that "obviously a weaker dollar is good for us as it relates to trade and opportunities." His comments were seen by markets as a departure from traditional US currency policy.
The dollar was trading against the Indian rupee at Rs 63.523, the greenback was at 3.899 in terms of the Malaysian ringgit and the US currency was at 6.329 in relation to the Chinese yuan.
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Open Bid Rs 112.20
Open Offer Rs 112.50
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday.
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Bid Rate Rs 110.54
Offer Rate Rs 110.55
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RUPEE IN LAHORE: The Pak rupee stayed firmed on buying side while it slid on selling side against the US dollar in the local currency market on Thursday.
According to currency dealers, the trading activity of the dollar commenced on its overnight closing of Rs 112.00 and Rs 112.30 as it's buying and selling rates, respectively. At close of trading, the dollar firmly held its opening rate for buying at Rs 112.00. However, it gained by 10 paisas for selling at Rs 112.40, they added.
Furthermore, the national currency maintained declining trend for the fourth consecutive day versus the pound sterling. Consequently, the pound's buying and selling rates further slipped from Wednesday's closing of Rs 156.90 and Rs 157.70 to Rs 159.00 and Rs 159.90 respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi here on Thursday.
The dollar opened at Rs 112.25 (buying) and Rs 112.35 (selling) against last rate. It closed at Rs 112.25 (buying) and Rs 112.35 (selling).
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