RECORDER REPORT
KARACHI: The rupee depicted no change against the dollar on the money market on Saturday, dealers said.
OPEN MARKET RATES: The rupee showed no variation in relation to the dollar for buying and selling at Rs 107.10 and Rs 107.30, they said. The rupee picked up 50 paisas versus the euro for buying and selling at Rs 125.80 and Rs 127.05 respectively, they said.
At the final NY trade, the dollar rose, on track for its biggest daily gain in more than two weeks, as progress on US tax reforms raised prospects of a fiscal lift to the economy, bolstering investor appetite for risk.
The dollar rose to a three-month high against the Japanese yen, at 113.46 yen, and a five-month high against the Swiss franc, touching 0.9846 franc. Traders seek the yen and Swiss franc in times of uncertainty and fear and sell the currencies when they favor riskier assets.
"This is clearly a picture of somewhat of a risk-on rotation today, and it's ignited some of the animal spirits as we take another step closer to the potential for tax reform coming to fruition," said Bill Northey, chief investment officer at US Bank Wealth Management in Helena, Montana.
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Open Bid Rs 107.10
Open Offer Rs 107.30
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RUPEE IN LAHORE: Pak rupee showed stability and remained unchanged on buying side while it gained five-paisa against the US dollar amid sluggish trading trend in the local currency market on Saturday.
The dollar resumed trading at its day earlier closing of Rs 107.30 and Rs 107.60 on buying and selling side, respectively.
The dollar did not observe any change in its buying rate that was ended at the overnight closing of Rs 107.30. However, in the absence of buyers’ support, the dollar slipped to Rs 107.55 on selling side.
The rupee remained strong and appreciated its worth against the British pound that was purchased and sold at Rs 140.40 and Rs 141.40 as compared to the Friday’s closing of Rs 141.10 and Rs 142.00, respectively, the dealers added.
At the close, no change in its value took place on buying counter as it maintained its opening trend of Rs 141.20. However, it appreciated by 10 paisas on selling counter and ended at Rs 142.10 against Friday’s closing rate of Rs 142.00, they 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 106.70 (buying) and Rs 107 (selling) against same last rate. It closed at Rs 106.70 (buying) and Rs 107 (selling).
