The rupee after maintaining a stable trend for a long time, dropped modestly in relation to the dollar on the money market on Saturday in the process of trading activity, dealers said.
OPEN MARKET RATES: The rupee lost 20 paisas against the dollar for buying and selling at Rs 156.00 and Rs 156.50 respectively, while the rupee shed 20 paisas in terms of the euro for buying at Rs 170.40 and the local currency did not show any change for selling and Rs 172.40, they added.
In the final US trade, the euro fell to more than two-year lows against the US dollar on Friday as a weak growth outlook weighed on the single currency, though it rebounded after testing technical support levels.
Dismal business activity data from the euro area, especially powerhouse economy Germany, has pushed European bond yields lower across the board this week, with further pressure coming from concern over economic weakness in Britain.
Open Bid Rs.156.00
Open Offer Rs.156.50
RUPEE IN LAHORE: The Pak rupee remained weak and lost 5-paisa on buying side and 30-paisa on selling side in relation to the greenback in the local currency market on Saturday.
According to the currency dealers, the dollar resumed trading on a healthy note and registered gain following fresh buying. At close of trading, the dollar ended higher at Rs 156.20 and Rs 156.70 as its buying and selling rate against the Friday's closing of Rs 156.15 and Rs 156.40, respectively.
Similarly, the rupee maintained downward slide and further declined against the pound sterling. The pound's buying and selling rate further improved from the overnight closing of Rs 192.10 and Rs 193.50 to Rs 193.00 and Rs196.00, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 20 paisas against the rupee at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 156.70 (buying) and Rs 156.80 (selling) against last rate of Rs 156.50 (buying) and Rs 156.60 (selling).
It closed at Rs 156.70 (buying) and Rs 156.80 (selling).
The buying and selling rates of one tola of gold were Rs. 69,100 (selling) and Rs 69,000 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.