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Indian rupee falls to lifetime low against US Dollar

MUMBAI: Indian bonds and the rupee slumped on Monday as emerging market assets came under renewed pressure amid the spectre of a rising dollar, higher crude oil prices and escalating global trade tensions. The Reserve Bank of India (RBI) and its peers in other emerging economies have been forced to defend their currencies recently in the wake of a confluence of dollar-supportive events. However, the RBI wasn’t seen actively intervening in the foreign exchange markets as it did on Friday, traders said. The 10-year…

Gold price descended to the lowest level since late January 2017

LONDON: Gold prices touched below $1,200 per ounce on Monday to their lowest since late January 2017, losing out to U.S. Treasuries and a strong dollar as investors sought refuge from a financial market rout triggered by a crashing Turkish lira. Investors traditionally use gold as a means of preserving the value of their assets during times of political and economic uncertainty and inflation, but it has this year failed to benefit. Instead investors have made a beeline for U.S. Treasuries, seen as the ultimate safe haven,…

Indian rupee thumped record low to Rs70.10 against US dollar

NEW DEHLI: The Indian rupee fell to an all-time low Tuesday against the US dollar amid worries that Turkey’s growing financial crisis could spread to other developing-world economies. Indian Economic Affairs Secretary Subhash Chander Garg told reporters that there was “nothing at this stage to worry” about after the rupee reached 70.1 to the dollar earlier in the day. He said the dip resulted from “external factors". The rupee ended the day at 69.93 per dollar, down 110 paise or 1.6 per cent. It was the currency’s…

Dollar stays firm despite US-China trade war worries

TOKYO: The dollar firmed against a basket of currencies on Friday and hit a more than 14-month high against the yuan, with markets gripped by worries over escalating trade tensions between the United States and China. China vowed on Thursday to retaliate if the U.S. acted on a threat to raise tariffs on the Asian nation’s exports after U.S. President Donald Trump instructed his trade officials to look at increasing tariffs to 25 percent from 10 percent on $200 billion in Chinese imports into the United States. But, as…

US Dollar goes down against Pak rupee in market

KARACHI: The dollar is showing diminishing trend continuously in comparison to Pakistani rupee since past few days; on Saturday US dollar traded at the rate of as low as Rs 123.5 in the open market. It is pertinent to mention here that the currency market on Saturday opened with US dollar being traded at Rs. 127.5, which later in the day went down to be traded at Rs. 123.5. ALSO READ: Rupee value- US Dollar weakens by 21paisa The currency market is now witnessing the trend in which the US dollar is losing its worth…

Rupee value- US Dollar weakens by 21paisa

KARACHI: The US dollar showed a downward trend and is recorded at Rs127.90 on Friday morning after decreasing by 21 paisa in interbank market. This dollar value is based on the escalating inclination the previous day at the Karachi Stock Exchange (KSE), as soon as the unofficial results were announced declaring the victory of the Pakistan Tehreek-e-Insaf (PTI). ALSO READ: Pakistan shares, rupee open firm as election results eyed It is observed that in the previous week, US dollar has hit extreme high rate and now it has…

Dollar traded at elevated price in open market

KARACHI: The US dollar is being sold at Rs4 to Rs5 higher in the open market compared to the exchange rates set by the money exchange associations, as the elections are round the corner, it is effecting foreign currency trading. The buying rate on Monday was Rs130.30. But this didn’t portray the actual situation of the market as various currency exchange companies refused to sell dollar and when they did it hovered around Rs132-135 a dollar. According to sources, the purchasing rate for US dollar on Monday was Rs130.30,…

Pakistani rupee hits record low at Rs 130

KARACHI: Pakistani rupee once again depreciated today, as US dollar strikes to Rs130 in the open market breaking all high records. It is observed that US dollar is in the state of gaining Rs0.30 further against Pakistani rupee. The latest weakening in the rupee comes after the dollar spiked to Rs129 in the open market earlier this week. The latest records of high value was earlier this week at the rate of Rs129 in the open market. ALSO READ: Pakistani rupee depreciates once more against US dollar – Rs128.40 According to…

Hike in steel price by 20%, resulting in elevated construction cost

KARACHI: The rupee downgrading against US dollar impacts on the amplification of prices of all grades of steel, also increasing the cost of construction at extreme level. It is observed that the cost of superior quality rebar is around Rs107,000 to Rs110,000 per ton, which was Rs97,000 per ton in the month of April 2018. According to sources, Amreli Steels has hiked the rebar value by almost 4% that is Rs4000 per ton, making the new price as Rs107,000 per ton. Steel prices are fluctuating since February 2018, making it a…

Pakistani rupee depreciates once more against US dollar – Rs128.40

KARACHI: Pakistani rupee once again depreciated against US dollar by 40 paisa, just after the day dollar price augmented by Rs6. The rupee showed downward trend by 5.7% against US dollar on Monday, resulting in augmented downgrading of exchange rate to 18.7% from the past several months since December 2017. On Monday, the dollar price swelled to Rs128 in the interbank market, it is observed that the value is amplified by around 5.3% from 13th July 2018, previously the worth of US dollar was Rs121.46. However, on Tuesday…