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Business

THE RUPEE: Weak trend on interbank, open markets

Pakistan Rupee weakened on Friday against USD in both interbank and open markets. It also displayed a fall of more than 2% against Euro in open market with respect to Thursday's rates.

May 30, 2020

Pakistan Rupee weakened on Friday against USD in both interbank and open markets. It also displayed a fall of more than 2% against Euro in open market with respect to Thursday's rates.
INTER-BANK MARKET RATES: RATES: In the interbank market, Pakistan Rupee lost 1.30 rupees for buying and 1.20 rupees for selling against USD over Thursday's rates closing at 162.50 and 163 respectively.
OPEN MARKET RATES: In the open market, against USD, PKR went down by 1.20 rupees for buying and by 1.70 rupees for selling with respect to Thursday's rates closing at 162.50 and 163.50 respectively.
Against Euro, PKR weakened by 4 rupees for buying and by 4.50 rupees for selling closing at 179 and 181 respectively.
Against UAE Dirham, PKR weakened by 40 paisas for both buying and selling closing at 43.60 and 44 respectively.
Against Saudi Riyal, PKR weakened by 40 paisas for both buying and selling as well closing at 42.60 and 43 for buying and selling respectively.

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Open Bid       Rs 162.50
Open Offer     Rs 163.50
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.

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Bid Rate       Rs 162.50
Offer Rate     Rs 163.00
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RUPEE IN LAHORE: The Pak rupee drastically declined its worth versus major currencies including the greenback and the British pound in the local currency market on Friday.
According to currency dealers, the short supply phenomenon of the greenback prevailed for the second consecutive day in the market which helped its further appreciation for buying and selling at Rs 161.50 and Rs 163.00 against the overnight closing rate of Rs 160.00 and Rs 161.20 respectively.
Similarly, the local currency also remained under selling pressure for another day. Consequently, the pound's buying and selling rates further rose from the Thursday's closing trend of Rs 194.50 and Rs 196.00 to Rs 197.50 and Rs 199.00 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained Rs2 at the open currency markets of Islamabad and Rawalpindi Friday.
The dollar opened at Rs164 (buying) and Rs164.20 (selling) against last rate of Rs162 (buying) and Rs162.20 (selling).
It closed at Rs164 (buying) and Rs 164.20 (selling).
The buying and selling rates of one tola of gold were Rs104,200 (selling) and Rs104,100 (buying) in the local Sarrafa (gold) markets of the twin cities.

Copyright Business Recorder, 2020