The rupee was inert on the open market, however it dropped against the dollar on the inter-bank market on Thursday in the process of trading activity, dealers said.
Forex Association of Pakistan (FAP) President Malik Bostan, commenting on the persistent rising fears and uncertainties the world over, said "last week, we held an urgent meeting with the State Bank of Pakistan (SBP) and requested to make strategy or mechanism to tackle the situation if any time flights to Dubai are suspended, in the wake of Coronavirus Disease 2019 (COVID-19) outbreak.
We plead the central bank to ask all commercial banks to take cautious but effective measures to deal with the worse situation."
Reports showing that business activity halted in Punjab for indefinite period due to suspension of Dubai-bound flights.
FAP President Malik Bostan requested the State Bank of Pakistan (SBP) to direct commercial banks to purchase foreign currencies, including US dollar from the currency markets.
INTER-BANK MARKET RATES: RATES: The rupee was down by 15 paisas versus the dollar for buying and selling at Rs 158.55 and Rs 158.65 respectively, they said.
OPEN MARKET RATES: The rupee was almost unmoved in terms of the greenback for buying and selling at Rs 157.50 and Rs 158.50 respectively, they said. The rupee, however, gained Rs 4 against the euro for buying and selling at Rs 168.00 and Rs 171.00, they said.
In the fourth Asian trade, the dollar resumed its relentless climb against major currencies on Thursday as wild financial market volatility and worries over tightening liquidity triggered by the coronavirus pandemic sparked an investor flight into cash.
Sterling teetered near the lowest since at least 1985 against the greenback.
The euro briefly rose against the dollar and the pound after the European Central Bank announced a 750 billion euro ($816.83 billion) asset-purchase programme in response to the coronavirus outbreak, but even this effort was overwhelmed by a stampede into the dollar.
The dollar was trading against the Indian rupee at Rs 74.993, the greenback was at 4.404 versus the Malaysian ringgit and the US currency was available at 7.077 in terms of 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 158.55
Offer Rate Rs 158.65
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee recovered 50 paisas against the dollar at the open currency markets of Islamabad and Rawalpindi here on Thursday.
The dollar opened at Rs 159 (buying) and Rs 159.10 (selling) against last rate of Rs 159.50 (buying) and Rs 159.60 (selling). It closed at Rs 159 (buying) and Rs 159.10 (selling) by the end of second session.
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.