THE RUPEE: Steady trend

30 Jan, 2020

The rupee maintained last levels against the dollar for the third day in a row in the process of trading activity, dealers said.

In the third Asian trade, the Riskier currencies steadied on Wednesday and demand for safe-havens ebbed, as investors waited for more news on the likely economic damage from a virus outbreak spreading from China.

The offshore yuan - heavily sold in recent days - was marginally stronger at 6.9551 per dollar, off Monday's 6.9900 to the dollar, which was its weakest in almost a month.

Firmer-than-expected inflation figures supported the Australian dollar from Tuesday's three-and-a-half month low to $0.6773, a gain of 0.15% for the day.

The Japanese yen was a touch weaker. Though with moves slight across the board, it is clear traders remain on edge.

The dollar was trading against the Indian rupee at Rs 71.203 and the greenback was available at 4.078 in terms of the Malaysian ringgit.

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Open Bid Rs 154.50

Open Offer Rs 154.80

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Bid Rate Rs 154.56

Offer Rate Rs 154.58

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Following lack of buyers' interest in the market, the greenback could not sustain its worth throughout the trading session and ended lower for buying and selling at Rs 154.30 and Rs 154.75 against the overnight closing rate of Rs 154.50 and Rs 154.90 respectively, local currency dealers said.

Similarly, the local currency also followed the same suit against the pound sterling which was bought and sold at Rs 200.30 and Rs 201.30 against the Tuesday's closing trend of Rs 201.10 and Rs 202.50 respectively, they added.

The dollar opened at Rs 155.10 (buying) and Rs 155.20 (selling) against same last rate. It closed at Rs 155.10 (buying) and Rs 155.20 (selling).

The buying and selling rates of one tola of gold were Rs 91,200 (selling) and Rs 91,000 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.

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