The rupee extended overnight losses and it is expected that local currency may hit the new low at Rs 140 against the dollar in the short-terms, dealers said on Thursday.
INTER-BANK MARKET RATES: The rupee continued slide versus the dollar, losing 16 paisas for buying at Rs 138.74 and it also shed 13 paisas for selling Rs 138.75 respectively, dealers said.
OPEN MARKET RATES: The rupee failed to halt it's erosion in relation to the dollar, dropping one rupee for buying and selling at Rs 139.00 and Rs 139.50 respectively, they said. The rupee was down by 40 paisas versus the euro for buying and selling at Rs 155.90 and Rs 157.50 respectively, they said.
In the fourth Asian trade, the dollar fell against the yen on Thursday as growing investor aversion to riskier assets hit equities and pushed down US Treasury yields.
The US currency dropped 0.4 percent to 112.72 yen, handing back its modest gains made overnight. Global equity markets have been shaken and the dollar fell this week after an inversion in a part of the US Treasury yield curve triggered market concerns about economic growth.
Adding to the jitters on Thursday was the arrest in Canada of a top executive of Chinese tech giant Huawei Technologies, fanning fears of a flare-up in tensions between China and the United States just as the two sides are supposed to be resuming trade negotiations. MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.9 percent and Japan's Nikkei lost more than 2 percent.
The dollar was trading against the Indian rupee at Rs 71.010, the greenback was at 4.165 in terms of the Malaysian ringgit and the US currency was at 6.877 versus the Chinese yuan.
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Open Bid Rs.139.00
Open Offer Rs.139.50
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday.
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Bid Rate Rs.138.74
Offer Rate Rs.138.75
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RUPEE IN LAHORE: The Pak rupee registered reduction versus the major foreign currencies including the greenback in the local currency market on Thursday.
According to currency dealers, the short supply phenomenon of the greenback prevailed for the second consecutive day in the market which helped its appreciation for buying and selling at Rs 138.40 and Rs 139.60 against the overnight closing trend of Rs 138.10 and Rs 139.00 respectively.
Likewise, the local currency also followed the same suit in relation to the pound sterling. Consequently, the pound's buying and selling rates improved from Wednesday's closing of Rs 174.10 and Rs 175.30 to Rs 174.30 and Rs 175.70 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 70 paisa against the rupee at the open currency markets of Islamabad and Rawalpindi here on Thursday.
The dollar opened at Rs 138.70 (buying) and Rs 138.80 (selling) against last rate of Rs 138(buying) and Rs 138.10 (selling). It closed at Rs 138.70 (buying) and Rs 138.80(selling).
The buying and selling rates of one tola of gold remained Rs 64,550(selling) and Rs 64,000 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.
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