RECORDER REPORT
KARACHI: The rupee sustained overnight levels against the dollar on the money market on Thursday in the process of trading, dealers said.
OPEN MARKET RATES: The rupee did not move any side versus the dollar for buying and selling at Rs 107.20 and Rs 107.40 respectively, they said. The rupee was trading in terms of the euro for buying and selling at Rs 124.60 and Rs 125.85 respectively, they said.
In the last NY trading session, the dollar slipped against a basket of currencies on Friday and was set for its biggest weekly drop in a month as investor disappointment that implementation of part of a planned big US tax overhaul may be delayed until 2019 put a brake on the currency's recent rally.
The dollar index, which tracks the greenback against six major currencies, was down 0.08 percent at 94.37. For the week, the index was down 0.6 percent, on pace for its worst performance since the week ending Oct. 13.
The greenback has also lost 0.5 percent against the Japanese yen this week. US Senate Republicans unveiled a tax plan on Thursday that differed from the House of Representatives' version on several fronts, including deductions for state and local taxes, and the estate tax.
Complicating a Republican push for the tax revamp, senators said that, like the House, they wanted to slash the corporate tax rate to 20 percent from 35 percent, but in 2019 rather than right away.
"It just highlights the challenge in reconciling the two (plans)," said currency strategist Erik Nelson of Wells Fargo Securities in New York.
The House was set to vote on its measure next week after its tax-writing Ways and Means Committee approved the legislation on Thursday along party lines, with Democrats united in opposition.
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Open Bid Rs 107.20
Open Offer Rs 107.40
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RUPEE IN LAHORE: The Pak rupee recovered on buying side while it remained unchanged on selling side in relation to the US dollar in the local currency market on Saturday.
According to currency dealers, the dollar commenced trading on its overnight closing trend of Rs 107.20 and Rs 107.45 as its buying and selling rates, respectively.
At the close, it shed by 20 paisas for buying at Rs 107.00. However, it remained firmed for another day as it held its opening trend for selling at Rs 107.45, they added.
Furthermore, the rupee moved both ways in terms of the pound sterling. The British currency was bought and sold at Rs 140.30 and Rs 141.80 against Rs 140.50 and Rs 141.00 respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained firm against the rupee at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar closed at Rs 106.70 (buying) and at Rs 107.60 (selling).
