THE RUPEE: more recovery

26 May, 2019

The rupee recovered more ground against the dollar on the money market on Saturday in the process of trading, dealers said. The rupee gained Re.one versus the dollar for buying at Rs 150.00, it also picked up 50 paisas for selling at Rs 151.00, they said. The rupee, also appreciated by Rs 1.70 against the euro for buying and selling at Rs 164.00 and Rs 168.00 respectively, they said.
The greenback was not helped by rising expectations for an interest rate cut by the US Federal Reserve later this year to help boost the world's biggest economy.
Against a basket of key rival currencies, the dollar was largely unchanged at 97.906, having fallen from a two-year high of 98.371 overnight. The index is still up 1.8% for the year.
On Thursday, President Donald Trump said US complaints against Huawei Technologies Co Ltd might be resolved within the framework of a US-China trade deal, while at the same time calling the Chinese telecommunications giant "very dangerous."
The dollar was trading against the Indian rupee at Rs 69.710, the greenback was at 4.191 in terms of the Malaysian ringgit and the US currency was available at 6.912 in relation to the Chinese yuan.



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Open Bid Rs.150.00
Open Offer Rs.151.00
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According to the currency dealers, the dollar resumed trading on a depressed note and kept on moving down following selling pressure. On close of trading, the dollar ended further lower at Rs 147.50 and Rs 149.30 on buying and selling side against the overnight closing of Rs 149.90 and Rs 150.85, respectively.
However, the rupee showed stability and stayed unchanged against the British pound. The pound did not observe any change in its buying and selling rate as it was purchased and sold at its Friday closing of Rs 186.00 and Rs 187.80, respectively, the dealers added.
The dollar opened at Rs 150(buying) and Rs 150.10(selling) against last rate of Rs 151(buying) and Rs 151.10(selling). It closed at Rs 150(buying) and Rs 150.10(selling).
The buying and selling rates of one tola of gold was Rs 70,900(selling) and Rs 70,700 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.

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