BR RESEARCH
KARACHI: The rupee gained further ground in relation to the dollar on Saturday in process of trading activity, dealers said.
OPEN MARKET RATES: The rupee rose by 10 paisas in terms of the dollar for buying at Rs 138.60 and it also picked up 20 paisas for selling at Rs 139.00, they said. The rupee, however, lost 70 paisas against the euro for buying and selling at Rs 157.30 and Rs 158.50, they said.
In the final US trade, The dollar fell on Friday from its three-week highs in the previous session, as traders' focus shifted to the Federal Reserve's policy meeting next week when the US central bank is expected to leave interest rates unchanged.
"While the Fed next week may not sound overtly dovish, its tone might emphasize caution and thus do little to alter very low expectations for policymakers to raise rates this year," said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington.
The Fed raised interest rates four times last year and has signalled it will probably lift borrowing costs twice in 2019, though some central bank officials have said they will be patient in raising rates.
In mid-morning trading, the dollar index was down 0.6 percent at 96.046, after climbing to a three-week high of 96.676 on Thursday.
The dollar's decline also coincided with a rally in US stocks, which were bolstered by upbeat earnings.
The euro, on the other hand, rebounded on Friday, steadying after a dovish European Central Bank President Mario Draghi failed to alter an already downbeat assessment on the euro zone's economy.
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Open Bid Rs.138.60
Open Offer Rs.139.00
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RUPEE IN LAHORE: The Pak rupee maintained upward trend for the second consecutive day versus the American dollar in the local currency market on Saturday.
Following lack of buyers' interest in the market, the US dollar further decreased its worth for buying and selling at Rs 138.10 and Rs 139.00 against the opening trend of Rs 138.50 and Rs 139.50 respectively, local currency dealers said.
However, the national currency remained under pressure for the second consecutive day in process of trading against the pound sterling. The pound's buying and selling rates further improved from Friday's closing of Rs 180.40 and Rs 181.70 to Rs 181.10 and Rs 182.30 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 35 paisa against the rupee at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 138.70(buying) and Rs 138.80 (selling) against last rate of Rs 139.05(buying) and Rs 139.15(selling). It closed at Rs 138.70 (buying) and Rs 138.80(selling).
The buying and selling rates of one tola of gold was Rs 67,800(selling) and Rs 67, 5000(buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.
