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The rupee depreciated against the dollar on the inter-bank market, while it sustained its value in terms of the greenback on the local money market on Monday in the process of trading, dealers said.

INTER-BANK MARKET RATES: RATES: The rupee was down by 10 paisas versus the dollar for buying and selling at Rs 154.36 and Rs 154.38 respectively, they said.

OPEN MARKET RATES: The rupee depreciated in terms of the dollar for buying and selling at Rs 154.00 and Rs 154.30 respectively. The rupee fell sharply against the euro for buying and selling at Rs 169.70 and Rs 170.70 respectively.

In the first Asian trade, the yen and the euro rose against the dollar on Monday on growing expectations that the US Federal Reserve will cut interest rates at its policy review this month to protect the economy from the rapid spread of the coronavirus.

As US shares were routed in recent days, Federal Reserve Chair Jerome Powell said on Friday the central bank will "act as appropriate" to support the economy in the face of risks posed by the coronavirus epidemic.

Investors took his comments as a hint that the Fed will cut interest rates by at least 0.25 percentage point at its next scheduled meeting on March 17-18.

There is even increasing chatter of an unscheduled move, with a US bank lobby economist saying a coordinated global interest rate cut by the top central banks could happen as early as on Wednesday.

The dollar war trading against the Indian rupee at Rs 72.255, the greenback was at 4.200 in terms of the Malaysian ringgit and the US currency was at 6.971 versus the Chinese yuan.

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

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

========================
Bid Rate       Rs 154.36
Offer Rate     Rs 154.38
========================

RUPEE IN LAHORE: The Pak rupee failed to sustain its earlier recoveries against the American dollar in the open currency market on Monday.

According to currency dealers, the short supply phenomenon of the US dollar prevailed throughout the trading session which helped its appreciation for buying and selling at Rs 154.10 and Rs 155.00 against the Saturday's closing rate of Rs 153.80 and Rs 154.25 respectively.

On the other hand, the national currency remained strong as it further appreciated its worth versus the pound sterling. Consequently, the pound's buying and selling rates declined from the previous closing of Rs 195.90 and Rs 197.80 to Rs 195.50 and Rs 197.00 respectively, they added.

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

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

It closed at Rs 154.45 (buying) and Rs 154.50 (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