RECORDER REPORT
KARACHI: A downward trend prevailed on the money market on Saturday as the rupee shed modestly against the dollar in the process of trading, dealers said.
OPEN MARKET RATES: The rupee fell by 10 paisas in terms of the dollar for buying and selling at Rs 105.50 and Rs 105.70 respectively; however it gained 45 paisas against the euro for buying and selling at Rs 115.50 and Rs 116.70, they added.
At the week-end, the dollar index rose to a more than four-month high as positive US data and weak readings from overseas prompted investors to re-evaluate the likelihood of a rate increase from the US Federal Reserve while other central banks are seen cutting rates or adding stimulus.
The rise gave the index, which measures the greenback against six major world currencies, its fifth straight weekly gain.
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Open Bid Rs 105.50
Open Offer Rs 105.70
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RUPEE IN LAHORE: The rupee-dollar parity remained unchanged for the second day amid sluggish trading on the local currency market on Saturday.
According to the currency dealers, the dollar resumed trading at its day earlier closing of Rs 105.60 and Rs 105.80 on buying and selling side respectively.
The dollar did not observe any change in its demand and supply situation that helped the rupee stability in the open market. At close, the dollar’s opening rate continued to prevail throughout the day.
On the contrary, the rupee failed to maintain upward trend and depreciated against the British pound that was purchased and sold at Rs 140.00 and Rs 141.00 as compared with the Friday closing of Rs 138.50 and Rs 140.60 to, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The value of rupee against the dollar remained unchanged at local currency establishments of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 104.50 (buying) and Rs 105 (selling) against same last rate. It did not observe further change in evening session and closed at Rs 104.50 (buying) and Rs 105 (selling).
Pound Sterling opened at Rs 137.50 (buying) and Rs 138 (selling). It did not observe further change in the second session and closed at Rs 137.50 (buying) and Rs 138 (selling) by the end of second session.
