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Firmness prevailed on the money market on Saturday as the rupee sustained overnight levels against the dollar in the process of trading, dealers said. The rupee stayed out in relation to the dollar for buying and selling at Rs 106.60 and Rs 106.80 respectively, they said.

OPEN MARKET RATES: The rupee extended overnight slide versus the euro, losing 60 paisas for buying and selling at Rs 125.60 an0 Rs 127.00 respectively, they said. At the weekend, the dollar fell to a three-week low against the euro and a one-week trough versus the yen on Friday after Federal Reserve Chair Janet Yellen made no reference to US monetary policy in her speech at the annual central bank research conference in Jackson Hole, Wyoming.

Investors were not expecting Yellen to make a policy statement anyway, but some market participants were hoping for some signal on the Fed's planned balance sheet reduction, if not on the outlook for US interest rate hikes.

"At this point, there isn't too much for Yellen to add," said currency strategist Sireen Haraji of Mizuho Corporate Bank in New York. "The FOMC (Federal Open Market Committee) has been very clear in terms of communicating their intention to continue tightening policy very gradually, and I don't think they see anything to change that view."





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Open Bid Rs 106.60

Open Offer Rs 106.80

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RUPEE IN LAHORE: The Pak rupee showed strength as it appreciated against the US dollar in the local currency market on Saturday.

The US dollar commenced trading on a negative note following lack of buyers' interest in the currency market throughout the trading session. At the close, it slid to Rs 106.00 and Rs 106.05 on buying and selling side, respectively, as compared to the overnight closing rates of Rs 106.40 and Rs 106.65 respectively, local currency dealers said.

The local currency, however, continued to move both ways for another day versus the pound sterling. The British currency was bought and sold at Rs 134.80 and Rs 137.20 against Rs 134.90 and Rs 135.40 of Friday, they added.

RUPEE IN ISLAMABAD AND RAWALPINDI: The value of rupee against the remained uncharged at the open currency markets of Islamabad and Rawalpindi here on Saturday.

The dollar opened at Rs 107.10 (buying) and Rs 107.20 (selling) against same last rate. It closed at Rs 107.10 (buying) and Rs 107.20 (selling) in evening session.

Copyright Business Recorder, 2017


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