OPEN MARKET RATES: At the week-end, the euro rose against the US dollar after strong euro zone inflation figures, while the dollar edged higher against the yen after US wages data suggested the Federal Reserve would still hike interest rates two more times this year.
Official flash estimates put euro zone inflation at 1.9 percent in the first quarter, on the verge of crossing over the European Central Bank's target of below but close to 2 percent, and above estimates for a rise of 1.8 percent. According to standard EU measures, in Italy it was 2 percent. That helped drive the euro as high as $1.0947, just below a 5-1/2-month high of $1.0950 struck earlier in the week.
Analysts said the latest inflation figures could prompt the ECB to take a more hawkish stance in its June statements by either upgrading its assessment of the European economy or suggesting less need for stimulus. The dollar rose as much as 0.4 percent against the yen to a session high of 111.71 yen, just below a nearly four-week high of 111.77 touched April 26, after US Labour Department data showed private wages and salaries accelerated 0.9 percent in the first quarter. That marked the largest increase in 10 years.
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Open Bid Rs.105.80
Open Offer Rs.106.00
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RUPEE IN LAHORE: The Pak rupee registered reduction against the US dollar in the local currency market on Saturday.
According to currency dealers, the dollar commenced trading on a positive note and kept on rising during the day's trading session. Following the short supply, it rose to Rs 105.90 and Rs 106.15 on buying and selling sides, respectively, as compared to the overnight closing rates of Rs 105.80 and Rs 106.10 respectively, they added.
Furthermore, the local currency showed mixed patterns as it moved both ways versus the pound sterling.
The British currency was bought and sold at Rs 135.50 and Rs 136.40 against Rs 135.60 and Rs 136.30 of Friday, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against dollar at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 106 (buying) and Rs 106.10 (selling). It closed at the same rate.
Pound Sterling opened at Rs 130 (buying) and Rs 131.50 (selling). It closed at the same rate.