RECORDER REPORT
KARACHI: The rupee stayed put against the dollar on the money market on Saturday in the process of trading activity, dealers said.
OPEN MARKET RATES: The rupee depicted no change versus the dollar for buying at Rs 112.00, and it sustained its level for selling at Rs 112.30, they said.
While, the rupee picked up 35 paisas in terms of the euro for buying and selling at Rs 136.25 and Rs 138.25 respectively, they added.
In the final NY trade, the dollar held steady above a three-year low versus a basket of currencies on Friday, marking a fifth week of falls and its longest losing streak since May 2015 as worries over a possible US government shutdown weighed.
On Thursday, the US House of Representatives passed a bill to fund government operations through to Feb. 16 and avoid agency shutdowns from Saturday when existing allocations expire. The bill has yet to be approved by the Senate, where it faces an uncertain future.
“At the start of the week, it was an outside risk. Now it's a real risk,” Vassili Serebriakov, currency strategist at Credit Agricole in New York, said of a government shutdown.
Some investors downplayed a possible shutdown, saying the market impact would be mild anyway.
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Open Bid Rs 112.00
Open Offer Rs 112.30
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RUPEE IN LAHORE: The Pak rupee witnessed divergent trend in terms of the US dollar in the local currency market on Saturday.
According to currency dealers, the dollar resumed trading on a diverse pattern amidst fluctuating demand and supply situation in the market. At the close, it was ended at Rs 112.00 and Rs 112.35 for buying and selling, respectively, as compared to the overnight closing of Rs 111.90 and Rs 112.35 respectively, they added.
In addition, the national currency showed strength as it registered appreciation versus the pound sterling. The pound’s buying and selling rates slid from Friday’s closing of Rs 154.00 and Rs 155.00 to Rs 153.70 and Rs 154.50 respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar was unchanged against the rupee at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 112.25 (buying) and Rs 112.35 (selling) against last rate of Rs 112 (buying) and Rs 112.10 (selling). It closed at Rs 112.25 (buying) and Rs 112.35 (selling).
