The rupee failed to halt further erosion in it's value against the dollar in process of strong buying of the US currency, dealers said.
Commenting on the rupee's depreciation versus the dollar in the local currency market, Forex Association of Pakistan (FAP), President, Malik Bostan said that most of the foreigners are liquidating their position instead of investing, this is a leading factor, which created dearth of dollar these days.
INTER-BANK MARKET RATES: RATES: The rupee lost 70 paisas against the dollar for buying and selling at Rs 159.05 and Rs 159.20, they said.
OPEN MARKET RATES: The rupee followed the suit versus the greenback for buying and selling at Rs 157.50 and Rs 158.50, they said. While, the rupee managed to sharply against the euro for buying and selling at Rs 173.50 and Rs 176.00, they said.
In the fourth Asian trade, the dollar slid in another seismic shift to price in more US interest rate cuts on Thursday, after President Donald Trump disappointed markets with a coronavirus plan light on details.
The greenback dropped 1% to 103.32 yen, fell as much as 0.6% to $1.1333 against the euro and lost 0.6% to the safe-haven Swiss franc, while stocks plunged.
Trump announced on Wednesday a ban on travellers from 26 European countries entering the United States for a month.
The dollar was available against the Indian rupee at Rs 74.145, the greenback was 4.250 in terms of the Malaysian ringgit and the US currency was at 6.975 versus the Chinese yuan.
Open Bid Rs 157.50
Open Offer Rs 158.50
Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday.
Bid Rate Rs 159.05
Offer Rate Rs 159.20
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 Thursday.
Following fluctuating demand and supply situation in the market, the greenback observed volatile trend throughout the trading session and ended for buying and selling at Rs 157.50 and Rs 158.50 against the overnight closing rate of Rs 155.70 and Rs 157.20 respectively, local currency dealers said.
Furthermore, the rupee continued upward slide for the second consecutive day against the pound sterling. Consequently, the pound's buying and selling rates further slid from the Wednesday's closing of Rs 199.50 and Rs 200.50 to Rs 198.50 and Rs 199.80 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar continued its upward journey against the rupee at the open currency markets of Islamabad and Rawalpindi here on Thursday.
The dollar opened at Rs 159 (buying) and Rs 159.50 (selling) against last rate of Rs 158 (buying) and Rs 158.50 (selling). It closed at Rs 159 (buying) and Rs 159.50 (selling).
The buying and selling rates of one tola of gold were Rs. 94,500 (selling) and Rs 94,000(buying) in the local Sarafa (gold) markets of twin cities of Islamabad and Rawalpindi.