BR RESEARCH
KARACHI: The rupee failed resist slide against the dollar on the money market on Saturday in the process of trading activity, dealers said.
OPEN MARKET RATES: The rupee continued fall versus the dollar, losing 20 paisas for buying and selling at Rs 139.00 and Rs 139.50 respectively, they said. The rupee also shed 10 paisas in relation to the euro for buying and selling at Rs 156.50 and at Rs 158.30 respectively, they said.
In the final US trade, the dollar fell broadly on Friday and was on track for its biggest weekly drop in more than three months, dragged lower by weak US economic data, while the euro climbed higher.
US manufacturing output fell for a second straight month in February and factory activity in New York State was weaker than expected this month, offering further evidence of a sharp slowdown in economic growth early in the first quarter.
Friday's reports extended the streak of weak economic data and underscored the Federal Reserve's "patient" stance toward further interest rate increases this year. Fed officials are scheduled to meet next Tuesday and Wednesday to assess the economy and deliberate on the future course of monetary policy. The US central bank raised rates four times last year.
The dollar index was 0.28 percent lower, last at 96.511, set for its biggest weekly loss since the first week of December. The move in the dollar sent the euro higher, last up 0.32 percent to $1.1339.
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Open Bid Rs.139.00
Open Offer Rs.139.50
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RUPEE IN LAHORE: The Pak rupee remained weak and lost 10-paisa on buying side while it stayed unchanged on selling side in relation to the greenback in the local currency market on Saturday.
The dollar resumed trading at its day earlier closing of Rs 139.20 and Rs 139.80 as its buying and selling rate, respectively. Because of short supply, the dollar’s rate moved up to Rs 139.30 on buying counter while it did not observe any change in its selling rate and ended at the opening level.
Similarly, the rupee remained under pressure and kept on sliding against the British pound throughout the day’s trading. The pound’s buying and selling rate improved from the Friday’s closing of Rs 182.90 and Rs 184.00 to Rs 183.60 and Rs 184.40, respectively.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee recovered five paisas against the dollar at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs139.10 (buying) and Rs 139.20 (selling) against last rate of Rs139.15 (buying) and Rs 139.25(selling). It closed at Rs139.10 (buying) and Rs 139.20(selling).
The buying and selling rates of one tola of gold was Rs. 69,100 (selling) and Rs 69,000 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.
