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The rupee managed to gain modestly against the dollar on the local money market on Thursday in the process of trading, dealers said.

INTER-BANK MARKET RATES: RATES: The rupee picked up four paisas versus the dollar for buying and selling at Rs 154.20 and Rs 154.22 respectively, they said.

OPEN MARKET RATES: The rupee rose by 10 paisas in terms of the dollar for buying at Rs 154.00 while it was unchanged for selling at Rs 154.30, they said. The rupee, however, lost 50 paisas against the euro for buying and selling at Rs 167.50 and Rs 169.30 respectively, they said.

In the fourth Asian trade, the dollar held gains against the yen on Thursday as growing fears that a coronavirus outbreak is turning into a pandemic drove investors to the safety of US Treasuries.

The dollar also traded near a three-month high versus the pound due to worries Britain's trade talks with the European Union were stalling and dashed expectations for big fiscal spending.

The euro, however, its own against the greenback's wider advance on reports that Germany's finance ministry is considering easing fiscal spending restrictions to boost its flagging economy.

Most currencies were locked in narrow ranges as traders nervously monitor the global spread of the coronavirus that emerged in China late last year.

The greenback has pulled back from a 10-month high of 112.23 yen reached on Feb. 20 but still remains above support levels, suggesting further declines could be limited, some traders say.

The dollar was trading against the Indian rupee at Rs 71.640, the greenback was at 4.210 in terms of the Malaysian ringgit and the US currency was available at 7.019 versus the Chinese yuan.

========================
Open Bid       Rs 154.00
Open Offer     Rs 154.30
========================

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

========================
Bid Rate       Rs 154.20
Offer Rate     Rs 154.22
========================

RUPEE IN LAHORE: The Pak rupee appreciated its worth versus major currencies including the greenback and the British pound in the open currency market on Thursday.

Amid lack of buyers' interest in the market, the greenback could not sustain its day earlier recoveries and ended lower for buying and selling at Rs 153.60 and Rs 154.15 against the overnight closing rate of Rs 154.10 and Rs 154.40 respectively, local currency dealers said.

Similarly, the national currency also followed the suit in relation to the pound sterling that was bought and sold at Rs 197.20 and Rs 198.50 against the Wednesday's closing trend of Rs 198.25 and Rs 199.30 respectively, they added.

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

The dollar opened at Rs 154.40 (buying) and Rs 154.45 (selling) against last rate of Rs 154.45 (buying) and Rs 154.50 (selling).

It closed at Rs 154.40 (buying) and Rs 154.45 (selling).

The buying and selling rates of one tola of gold were Rs Rs. 94,900 (selling) and Rs 94,500(buying) in the local Sarafa (gold) markets of twin cities of Islamabad and Rawalpindi.

Copyright Business Recorder, 2020