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Divergent trend was witnessed on the money market on Thursday as the rupee played both sides in the process of trading activity, dealers said.

INTER-BANK MARKET RATES: RATES: The rupee dropped by eight paisas versus the dollar for buying and selling at Rs 154.58 and Rs 154.62 respectively, they said.

OPEN MARKET RATES: The rupee, however, gained 10 paisas in relation to the dollar for buying and selling at Rs 154.50 and Rs 154.80 respectively, they said. The rupee was unmoved in terms of the euro for buying and selling at Rs 170.80 and Rs 172.30 respectively, they said.

In the fourth Asian trade, the safe-haven Japanese yen was firm and the Chinese yuan fragile on Thursday as traders kept a wary eye on the spread of a virus in China, while the ailing Australian dollar jumped after a surprise drop in unemployment.

Deaths from the flu-like coronavirus rose to 17 on Wednesday. A total of 571 cases have now been confirmed and Chinese state media reported overnight that transport to and from the city of Wuhan in central China, where the outbreak originated, is to be shut from 0200 GMT.

The World Health Organisation (WHO) will decide later on Thursday whether to declare the situation a global health emergency.

The Japanese yen, seen as a haven by virtue of Japan's position as the world's largest creditor, rose 0.1% to a two week high of 109.65 per dollar as investors sought safety.

The US dollar was otherwise steady, holding at about $1.1093 per euro and at 97.527 against a basket of currencies.

The dollar was trading against the Indian rupee at Rs 71.190, the greenback was at 4.064 versus the Malaysian rinngit and the US currency was 6.925 in terms of the Chinese yuan.

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Open Bid Rs 154.50

Open Offer Rs 154.80

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

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Bid Rate Rs 154.58

Offer Rate Rs 154.62

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RUPEE IN LAHORE: The Pak rupee marginally declined its worth in process of trading against the American dollar in the local currency market on Thursday.

Following slight improvement in buyers' interest in the market, the dollar recovered its day earlier losses and ended for buying and selling at Rs 154.50 and Rs 154.80 against the overnight closing rate of Rs 154.40 and Rs 154.75 respectively, local currency dealers said.

Furthermore, the national currency continued to fall for the third consecutive day versus the pound sterling. The pound's buying and selling rates further rose from the Wednesday's closing of Rs 201.50 and Rs 202.50 to Rs 202.20 and Rs 203.00 respectively, they added.

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

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

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

The buying and selling rates of one tola of gold were Rs 90,500(selling) and Rs 90,200(buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.

Copyright Business Recorder, 2020