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The rupee moved cautiously against the dollar on the local money market on Thursday in the process of trading, dealers said.

INTER-BANK MARKET RATES: RATES: The rupee maintained last levels versus the dollar for buying and selling at Rs 154.40 and Rs 154.70 respectively, they said. While, the rupee fell modestly against the euro for buying and selling at Rs 171.00 and Rs 172.80 respectively, they said.

OPEN MARKET RATES: The rupee inched up by one paisa in terms of the dollar for buying and selling at Rs 154.96 and Rs 154.98 respectively, they said.

In the fourth Asian trade, the dollar nursed its steepest losses in weeks on Thursday, as the Federal Reserve's forecast that it would hold rates through 2020 sparked an unwinding of long positions in the greenback.

Investors were also on edge ahead of Sunday's deadline for a new round of US tariffs on China, and a European Central Bank (ECB) meeting and the UK election later on Thursday.

The dollar hit its lowest in more than a month against the euro at $1.1143 and stayed there, while sterling drifted higher ahead of the election. Against a basket of currencies the dollar sat at a four-month low of 97.038. The Japanese yen held on to overnight gains at 108.55.

Fed Chairman Jerome Powell said the economic outlook for the US was favourable as the central bank announced its decision to hold rates steady, as expected, though forecast only moderate and slowing growth through 2020 and 2021.

The dollar was trading against the Indian rupee at Rs 70.695, the greenback was at 4.152 in terms of the Malaysian ringgit and the US currency was at 7.032 versus the Chinese yuan.

========================
Open Bid       Rs 154.96
Open Offer     Rs 154.98
========================

Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday.

========================
Bid Rate       Rs 154.40
Offer Rate     Rs 154.70
========================

RUPEE IN LAHORE: The Pak rupee maintained upward journey for the second consecutive day against the American dollar in the open currency market on Thursday.

Amid lack of buyers' interest in the market, the greenback remained under selling pressure for another day as it further ended lower for buying and selling at Rs 154.00 and Rs 154.30 against the opening rate of Rs 154.20 and Rs 155.00 respectively, local currency dealers said.

On the other hand, the local currency failed to sustain its day earlier recoveries versus the pound sterling. The pound's buying and selling rates rose from the Wednesday's closing of Rs 201.50 and Rs 202.30 to Rs 201.80 and Rs 203.20 respectively, they added.

RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained firm against rupee at the open currency markets of Islamabad and Rawalpindi here on Thursday.

The dollar opened at Rs 155 (buying) and Rs 155.10 (selling) against same last rate.

It closed at Rs 155 (buying) and Rs 155.10 (selling).

The buying and selling rates of one tola of gold were Rs. 85,500 (selling) and Rs 85,200 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.

Copyright Business Recorder, 2019