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The rupee moved both ways against the dollar on the money market on Monday in the process of trading, dealers said.

INTER-BANK MARKET RATES: RATES: The rupee shed five paisas versus the dollar for buying and selling at Rs 154.85 and Rs 154.87 respectively, they said.

OPEN MARKET RATES: The rupee managed to gain 10 paisas versus the dollar for buying at Rs 154.70 and it also picked up 20 paisas for selling Rs 155.00, they said. The rupee, however, dropped 30 paisas in relation to the euro for buying and selling at Rs 171.80 and Rs 173.30 respectively, they said.

In the first Asian trade, the dollar began the week supported by optimism on the Sino-US trade front, while the pound wobbled lower after weekend hints at an interest rate cut from a Bank of England policymaker.

A US-China trade deal is due to be signed at the White House on Wednesday, though talks on a phase two package are likely to drag on for months.

The imminent deal, ending an 18-month trade dispute, has investors hoping for a revival in global growth. That offered support to trade-exposed Asian currencies such as China's yuan and the Australian dollar, as well as the greenback.

The mood pushed the dollar 0.1% firmer against the safe-haven Japanese yen and Swiss franc early in Asian trading hours. A greenback bought 109.56 yen and 0.9731 francs.

Against a basket of currencies the dollar edged higher to 97.410 and the Chinese yuan held at a five-month high in offshore trade.

The dollar was trading against the Indian rupee at Rs 70.783, the greenback was at 4.063 in terms of the Malaysian ringgit and the US currency was available at 6.899 versus the Chinese yuan.

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Open Bid Rs 154.70

Open Offer Rs 155.00

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

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Bid Rate Rs 154.85

Offer Rate Rs 154.87

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RUPEE IN LAHORE: The Pak rupee witnessed divergent trend as it moved both ways in relation to the greenback in the local currency market on Monday.

Following fluctuating demand and supply situation in the market, the greenback could not stabilise as it moved both ways, but in a narrow range, and ended for buying and selling at Rs 154.75 and Rs 155.10 against the previous closing rate of Rs 154.70 and Rs 155.20 respectively, local currency dealers said.

Furthermore, the local currency recovered its earlier losses versus the pound sterling. The pound's buying and selling rates declined from the Saturday's closing of Rs 201.50 and Rs 202.50 to Rs 200.10 and Rs 202.00 respectively, they added.

RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee recovered 45 paisas against the dollar at the open currency markets of Islamabad and Rawalpindi here on Monday.

The dollar opened at Rs 155.30 (buying) and Rs 155.40 (selling) against last rate of Rs 155.75 (buying) and Rs 155.85 (selling).

It closed at Rs 155.30 (buying) and Rs 155.40 (selling).

The buying and selling rates of one tola of gold were Rs 90,200 (selling) and Rs 90,000(buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.

Copyright Business Recorder, 2020