BR RESEARCH
KARACHI: The rupee extended overnight gains against the dollar on the money market on Saturday, dealers said.
Commenting on the persistency in the upward journey of the rupee, president, Forex Association of Pakistan (FAP) Malik Bostan said the rupee will recover more grounds under the umbrella of cautious strategy of the State Bank of Pakistan (SBP) in days to come.
He said “we are short of cash because people were under pressure and willing to sell at the present rates.” The next direction of the market will settle on Monday, he observed.
The rupee will go up further versus the dollar due to rising expectations from the better outcome of Amnesty Scheme and several other measures, other experts said.
Market received an approximately 5-6 million dollars export proceeds, they said, adding “we have to cut down dependence on import products to bring stability in the country.”
OPEN MARKET RATES: The rupee rose by Rs 1.50 in terms of the dollar for buying and selling at Rs 124.00 and Rs 126.00, they said. The rupee fell in relation to the euro for buying and selling at Rs 132.80 and Rs 147.00, they said.
In the final US trade, the dollar slipped against a basket of currencies on Friday as data showing the US economy rang up its strongest quarter in nearly four years failed to erase worries that trade frictions would be a drag in the second half of 2018.
The euro stabilized following its biggest one-day loss in a month in reaction to the European Central Bank on Thursday reaffirming its plan to slowly end its accommodative monetary policy.
The greenback's earlier gains faded after the US government reported gross domestic product grew at a 4.1 percent annualized pace in the second quarter, accelerating from a revised 2.2 percent clip in the first three months of the year.
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Open Bid Rs.124.00
Open Offer Rs.126.00
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RUPEE IN LAHORE: The Pak rupee registered a considerable gain in terms of trading against the major foreign currencies including the greenback and British pound in the local currency market on Saturday.
According to currency dealers, the greenback maintained declining trend for the third consecutive day following lack of buyers’ interest in the market. Resultantly, it further ended lower for buying and selling at Rs 120.00 and Rs 122.80 as compared to the overnight closing rates of Rs 125.00 and Rs 127.70 respectively, they added.
Similarly, the national currency also followed the same suit versus the British pound. The pound’s buying and selling rates further slipped from Friday’s closing of Rs 159.10 and Rs 162.50 to Rs 148.50 and Rs 155.00 respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee gained Rs 3 against the dollar at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 124.50 (buying) and Rs 124.60 (selling) against last rate of Rs 127.50 (buying) and Rs 127.60 (selling). It closed at Rs 124.50 (buying) and Rs 124.60 (selling).
