RECORDER REPORT
KARACHI: The rupee managed to gain modestly against the dollar on the money market on Saturday in the process of trading, experts said.
OPEN MARKET RATES: The rupee recovered by 10 paisas in terms of the dollar for buying and selling at Rs 111.70 and Rs 112.00 respectively, they said.
The rupee extended overnight gains versus the euro, rising by 25 paisas for buying and selling at Rs 136.25 and Rs 137.75, they added.
In the final NY trade, the dollar was little changed against a basket of currencies on Friday as monthly US job growth data was its strongest in over 1-1/2 years while wage gains slowed more than expected, supporting the view the Federal Reserve would not quicken its pace on raising interest rates.
The yen fell broadly after the Bank of Japan stuck to its dovish policy stance. BOJ Governor Haruhiko Kuroda sounded optimistic on growth, yet stressed there would be no plan to change monetary policy before reaching a 2 percent inflation target.
The index that tracks the dollar against six major currencies fell 0.038 point or 0.04 percent, to 90.141. The euro was down 0.03 percent, at $1.2306.
The single currency also fell on Thursday as European Central Bank President Mario Draghi said regional inflation remained subdued and rising protectionism was a risk.
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Open Bid Rs.111.70
Open Offer Rs.112.00
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RUPEE IN LAHORE: The Pak rupee appreciated in terms of trading against the US dollar in the local currency market on Saturday.
According to currency dealers, the dollar resumed trading on a negative note following lack of buyers' interest in the market. As a result, it was ended lower at Rs 111.50 and Rs 111.85 for buying and selling, respectively, as compared to the overnight closing trend of Rs 111.60 and Rs 111.90 respectively, they added.
Besides, the local currency failed to sustain its earlier recoveries versus the British pound. The pound's buying and selling rates rose from Friday's closing of Rs 153.00 and Rs 153.80 to Rs 153.10 and Rs 154.15 respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 111.90 (buying) and Rs 112 (selling) against same last rate. It closed at Rs 111.90 (buying) and Rs 112 (selling).
