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The rupee managed to keep its rising trend against the dollar on the money market on Thursday in the process of trading activity, dealers said.

INTER-BANK MARKET RATES: RATES: The rupee gained 10 paisas versus the dollar for buying and selling at Rs 154.46 and Rs 154.48 respectively, they said.

OPEN MARKET RATES: The rupee held the overnight levels in relation to the dollar for buying and selling at Rs 154.50 and Rs 154.80 respectively, they said. The rupee shed 15 paisas in terms of the euro for buying and selling at Rs 169.75 and Rs 171.25, they said.

In the fourth Asian trade, the dollar held near a two-month high against a basket of major currencies while the Australian dollar and the yuan were under pressure on Thursday as investors tried to shield themselves from assets that could be hit by China's virus epidemic.

The US Federal Reserve, while keeping interest rates on hold as expected on Wednesday, also cited the virus as a source of uncertainty for the economic outlook.

As the new pneumonia-like disease spread quickly in China and many of its trade partners in Asia and Europe, the dollar is emerging as an ultimate safe-haven destination.

The dollar is the best performing currency among G10 currencies so far this month, with the dollar index rising 1.6% in January to hit a two-month high.

It last stood at 98.033, flat on the day but not far from Wednesday's two-month high of 98.037.

The yen and the Swiss franc, traditional safe-haven currencies, ranked a close second and third.

The yen traded at 109.06 yen per dollar, having gained 0.14% the previous day. The Japanese currency was down 0.3% against the dollar so far this month.

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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 154.46

Offer Rate Rs 154.48

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RUPEE IN LAHORE: The Pak rupee witnessed divergent trend in process of trading against the greenback in the open currency market on Thursday.

Amid fluctuating demand and supply situation in the market, the greenback observed volatile trend and ended for buying and selling at Rs 154.50 and Rs 154.70 against the opening rate of Rs 154.30 and Rs 154.75 respectively, local currency dealers said.

Moreover, the rupee stayed firmed against the pound sterling for buying at Rs 200.30 whereas it lost 10 paisas and ended for selling at Rs 201.40 against the previous closing rate of Rs 201.30, they added.

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

The dollar opened at Rs 155.05 (buying) and Rs 155.10 (selling) against last rate of Rs 155.10 (buying) and Rs 155.15 (selling).

It closed at Rs 155.05 (buying) and Rs 155.10 (selling). The buying and selling rates of one tola of gold were Rs 91,500 (selling) and Rs 91,200(buying) in the local Sarafa (gold) markets of twin cities of Islamabad and Rawalpindi here on Thursday.

Copyright Business Recorder, 2020