Little changes were seen on the money market on Monday as the rupee showed marginal changes against the dollar in process of trading activity, dealers said. In the first Asian trade, the dollar clung to a two-month high against a basket of currencies in Asia on Monday after better-than-expected US GDP data last week enhanced its yield attraction against rival currencies.
The US Federal Reserve is widely expected to cut interest rates for the first time in more than a decade this week, but such a move is widely seen as a pre-emptive one to protect the economy from global uncertainties and trade pressures, in contrast to some other countries that face more imminent risks.
US gross domestic product increased at a 2.1% annualised rate in the second quarter, above forecast of 1.8%, as a surge in consumer spending blunted some of the drag from declining exports and a smaller inventory build.
The dollar was available against the Indian rupee at Rs 68.940, the greenback was at 4.120 in terms of the Malaysian ringgit and the US dollar was trading at 6.893 versus the Chinese yuan.
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Open Bid Rs.160.00
Open Offer Rs.160.50
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Bid Rate Rs.160.55
Offer Rate Rs.160.56
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Amidst lack of buyers' interest in the market, the greenback could not sustain and ended lower for buying and selling at Rs 159.60 and Rs 160.30 against the previous closing trend of Rs 160.25 and Rs 161.30 respectively, local currency dealers said.
Likewise, the national currency also followed the suit in process of trading against the pound sterling. Consequently, the pound's buying and selling rates declined from the Saturday's closing of Rs 198.00 and Rs 200.00 to Rs 196.00 and Rs 197.80 respectively, they added.
The dollar opened at Rs 160.80(buying) and Rs 160.85 (selling) against rate of Rs 160.85(buying) and Rs 160.95 (selling).
It closed at Rs 160.80(buying) and Rs 160.85 (selling).
The buying and selling rates of one tola of gold remained as Rs 84,200 (selling) and Rs 83,900 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.