RECORDER REPORT
KARACHI: The rupee breached the barrier of 112 marks against the dollar on the money market on Saturday in the process of trading, dealers said.
Strong demand for dollars pushed the rupee down sharply and it looks that the local currency may lose further ground in terms of the greenback in the near future, some experts said.
OPEN MARKET RATES: The rupee lost 70 paisas in terms of the dollar for buying and selling at Rs 112.00 and Rs 112.30 respectively, they said.
The rupee also fell by 25 paisas against the euro for buying and selling at Rs 133.00 and Rs 135.00 respectively, they added.
In NY final session, the dollar gained on Friday after a brief dip as investors reckoned a weaker-than-expected US December non-farm payrolls report would not deter the Federal Reserve from raising interest rates multiple times this year.
US non-farm payrolls increased by 148,000 jobs last month. Economists were forecasting job gains of 190,000. Employment data for October and November data were revised to show 9,000 fewer jobs created than previously reported.
The dollar briefly slipped after the softer-than-forecast number, but has since regained momentum.
Fed funds futures have priced in a more than 60 percent chance the US central bank will hike interest rates in March, according to CME’s Fedwatch.
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Open Bid Rs 112.00
Open Offer Rs 112.30
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RUPEE IN LAHORE: The Pakistani rupee drastically declined versus the major currencies including the greenback and British pound in the local currency market on Saturday.
According to currency dealers, following short supply phenomenon, the greenback maintained upward trend for the third consecutive day and ended higher at Rs 112.00 and Rs 112.20 for buying and selling, respectively, as compared to the overnight closing of Rs 111.50 and Rs 111.80 respectively.
Versus the pound sterling, the local currency also followed the same suit for the second consecutive day. Consequently, the pound’s buying and selling rates slipped from Friday’s closing of Rs 148.90 and Rs 149.60 to Rs 149.70 and Rs 150.50 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained sharply against the rupee at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 112 (buying) and Rs 112.10 (selling) against last rate of Rs 110 (buying) and Rs 110.10 (selling). It closed at Rs 112 (buying) and Rs 112.10 (selling).
