Saturday, September 23rd, 2017
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A kind of firmness was witnessed on the money market on Saturday as the rupee maintained an upward trend against the dollar in process of trading, dealers said. The rupee managed to sustain overnight levels, picking up further 10 paisas in relation to the dollar for buying and selling at Rs 105.70 and Rs 105.90 respectively, they said.

OPEN MARKET RATES: The rupee also gained 60 paisas in terms of the euro for buying and selling at Rs 126.00 Rs 127.50 respectively, they said.

At the weekend, the US dollar hit a more than 2-1/2-year low against a basket of major rivals on reduced expectations for another Federal Reserve rate increase this year, while the euro hit multi-year highs in the wake of a European Central Bank meeting.

The dollar was last set to drop 2.2 percent against the yen for the week to mark its biggest weekly percentage decline in about 13 months.

The dollar index, which measures the greenback against a basket of six major rivals, hit its lowest level since January 2015 of 91.011 and was set for its biggest weekly decline since late June of 1.6 percent.

The euro rose as much as 0.6 percent to its highest since January 2015 of $1.2092. While the euro pared most of its gains, leaving it roughly flat against the dollar at $1.2027, it was on track for a weekly gain of 1.4 percent, putting it up more than 14 percent this year against the dollar.


Open Bid Rs 105.70

Open Offer Rs 105.90


RUPEE IN LAHORE: The Pak rupee depreciated on buying side whereas it stayed unchanged on selling side against the US dollar in the local currency market on Saturday.

The dollar commenced trading on its overnight trend of Rs 105.60 and Rs 106.10 as its buying and selling rates respectively. At the close, it gained by 20 paisas on buying counter and ended at Rs 105.80. However, no change in its value took place on selling counter as it maintained its opening trend of Rs 106.10, local currency dealers said.

On the contrary, the local currency stayed unchanged on buying counter while it recovered by 20 paisas on selling counter versus the pound sterling. The British currency was bought and sold at Rs 137.40 and Rs 138.20 against Friday's closing rates of Rs 137.40 and Rs 138.40 respectively, 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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