The rupee moved both ways on the currency market on Monday as the rupee moved both ways against the dollar in the process of trading activity, dealers said.
INTER-BANK MARKET RATES: RATES: The rupee gained 65 paisas versus the dollar for buying and selling at Rs 158.30 and Rs 158.50 respectively, they said.
OPEN MARKET RATES: The rupee, however, lost Re one in terms of the greenback for buying at Rs 157.00 and it also lost Rs 1.50 for selling at Rs 158.50, they said. The rupee was trading against the euro for buying and selling at Rs 171.00 and Rs 175.00 respectively, they said.
In the first Asian trade, the dollar fell against a broad range of currencies on Monday after the US Federal Reserve made another surprise interest rate cut and major central banks took steps to relieve a shortage of dollars and provide extra liquidity.
Pressure has been building on central banks to do something to restore calm to financial markets roiled by the deepening coronavirus crisis.
The US Federal Reserve cut rates to a target range of 0% to 0.25% on Sunday, US time, and said it would expand its balance sheet by at least $700 billion in coming weeks.
The Bank of Japan said it will hold an emergency policy meeting on Monday at 12 noon Japan time (0300 GMT), joining a step up in the global response to the flu-like virus that has spread from China to dozens of countries and claimed more than 5,800 lives.
Five other central banks cut pricing on their swap lines to make it easier to provide dollars to their financial institutions facing stress in credit markets.
The dollar was trading against the Indian rupee at Rs 74.233, the US currency was available at 4.301 in terms of the Malaysian ringgit and the greenback was at 7.006 versus the Chinese yuan.
Open Bid Rs 157.00
Open Offer Rs 158.50
Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday.
Bid Rate Rs 158.30
Offer Rate Rs 158.50
RUPEE IN LAHORE: The Pak rupee failed to sustain as it depreciated its worth against the greenback in the local currency market on Monday.
Following lack of buyers' interest in the market, the greenback remained under selling pressure throughout the trading session and ended for buying and selling at Rs 156.00 and Rs 156.90 against the Saturday's closing rate of Rs 155.20 and Rs 156.50 respectively, local currency dealers said.
Furthermore, the local currency lost 30 paisas against the pound sterling for buying and ended at Rs 190.50 against the opening rate of Rs 190.20 whereas it firmly maintained its previous closing trend for selling at Rs 192.70, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained Re on against the rupee at the open currency markets of Islamabad and Rawalpindi here on Monday.
The dollar opened at Rs 159(buying) and Rs 159.10(selling) against last rate of Rs 158 (buying) and Rs 158.10 (selling). It closed atRs 159 (buying) and Rs 159.10 (selling). The buying and selling rates of one tola of gold were Rs 98,700 (selling) and Rs 98,500(buying) in the local Sarafa (gold) markets of twin cities of Islamabad and Rawalpindi.