The dollar after a short break, maintained an upward journey against the rupee on the money market on Thursday in the process of trading, marketmen said.
INTER-BANK MARKET RATES: The rupee dropped 60 paisas versus the dollar for buying and selling at Rs 158.45 and Rs 158.55 respectively, dealers said.
OPEN MARKET RATES: The rupee also fell sharply against the dollar for buying and selling at Rs 158.50 and Rs 159.50 respectively, they said.
The rupee also dipped in relation to the euro for buying and selling at Rs 178.30 and Rs 180.80, they said.
In the fourth Asian trade, the dollar eased on Thursday after Federal Reserve Chairman Jerome Powell set the stage for a rate cut later this month, vowing to "act as appropriate" to ensure the world's biggest economy will be able to sustain a decade-long expansion.
In testimony to Congress, Powell pointed to "broad" global weakness that was clouding the US economic outlook amid uncertainty about the fallout from the Trump administration's trade conflict with China and other nations.
The euro rose 0.2% in Asia to $1.1274, extending gains after a 0.4% rise the previous day.
The dollar dipped 0.5% to 107.96 yen, extending its slide from a six-week high of 108.99 set on Wednesday before Powell's testimony.
The dollar's index against six major currencies slipped 0.2% to 96.877, extending its losses into a second session after Powell's first day of testimony, and turned negative on the week.
The dollar was trading against the Indian rupee at Rs 68.355, the greenback was available at 4.122 in terms of the Malaysian ringgit and the US currency was at 6.864 in relation to the Chinese yuan.
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Open Bid Rs.158.50
Open Offer Rs.159.50
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday.
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Bid Rate Rs.158.45
Offer Rate Rs.158.55
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RUPEE IN LAHORE: The Pak rupee continued to keep going down for the fourth consecutive day versus the major currencies including the greenback and the British pound in the local currency market on Thursday.
According to currency dealers, the short supply phenomenon of the greenback prevailed for another day in the market which helped its further appreciation for buying and selling at Rs 159.00 and Rs 159.80 against the previous closing trend of Rs 158.10 and Rs 158.90 respectively.
In addition, the rupee also followed the suit against the pound sterling. Consequently, the pound's buying and selling rates further improved from the Wednesday's closing of Rs 197.35 and Rs 199.00 to Rs 199.20 and Rs 200.50 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained Rs 1.50 against the rupee at the local currency markets of Islamabad and Rawalpindi here on Thursday.
The dollar opened at Rs 159.75 (buying) and Rs 159.85 (selling) against last rate of Rs 158.25 (buying) and Rs 158.35 (selling). It closed at Rs 159.75 (buying) and Rs 159.85(selling).
The buying and selling rates of one tola of gold was Rs 78,500 (selling) and Rs 78,000 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.
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