RECORDER REPORT
KARACHI: The rupee moved down slightly against the dollar on the money market on Saturday in the process of trading, dealers said.
The rupee appreciated by around 12 percent versus the dollar during the last five months, money experts said. However, during the last closing sessions, the rupee depreciated following the remarks by the Finance Minister the dollar would be kept around Rs 98 to support the export sector. Dar’s remarks caused a panic buying of dollars, they added.
Some experts said the rupee may travel in a range of Rs 99-100 against the dollar in the open market in days to come. The chairman of Forex Association of Pakistan (FAP) said the dreams could not come true of the decline in essential commodities.
Earlier, it was highly anticipated that the dollar slide will help bring down the inflation rate, analysts said.
OPEN MARKET RATES: The rupee drifted lower in terms of the dollar, losing 20 paisa for buying and selling at Rs 99.40 and Rs 99.60, the said.
The rupee followed suit against the euro, dropping 75 paisa for buying and selling at Rs 137.25 and Rs 137.50, they said.
Open Market Rates: Open Market Rates For Dollar on Saturday.
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Bid Rate Rs 99.40
Offer Rate Rs 99.60
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RUPEE IN LAHORE: The Pak rupee remained weak in relation to the greenback and pound sterling on the local currency market on Saturday.
According to the currency dealers, the rupee commenced trading on a negative note and remained depressed throughout the day against the dollar.
The greenback was closed further higher at Rs 99.50 and Rs 99.75 as its buying and selling rates against Rs 98.50 and Rs 98.75 of Friday, respectively.
Likewise, the local currency remained under pressure and further lost its worth against the British pound. The pound’s buying and selling rates were improved from overnight closing of Rs 164.25 and Rs 164.50 to Rs 166.10 and Rs 166.35, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 98.50 (buying) and Rs 98.60 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 98.50 (buying) and Rs 98.60 (selling).
Pound Sterling opened at Rs 165 (buying) and Rs 165.50 (selling) against same last rate. It closed at the same rate without further change by the end of evening session.
Kerb buying and selling rate of US dollar
RECORDER REPORT
KARACHI: Dollar buying and selling rate in the kerb market in rupees on Saturday (April 19, 2014).
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Bid Rate Rs 99.40
Offer Rate Rs 99.60
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