BR RESEARCH
KARACHI: No trading activity was witnessed on the open market on Saturday as almost all participants kept themselves away from the daily dealings under the self-isolation due to coronavirus.
OPEN MARKET RATES: As a result, the rupee did not move any side versus the greenback for buying and selling at Rs 158.00 and Rs 158.50. The rupee was also inert against the euro for buying and selling at Rs 168.50 and Rs 172.50. In the final US trade, the dollar eased on Friday as six major central banks announced a coordinated action to enhance liquidity in the currency, but bounced off its lows in afternoon trading as stocks weakened.
The greenback has staged a ferocious rally this week as investors scrambled to obtain the currency, gaining 4.32% in its biggest weekly rise since the 2008 financial crisis.
Currencies from the Australian dollar to the British pound tumbled to multi-year lows after coordinated rate cuts by central banks and billions of dollars of fund injections failed to calm panicky markets.
On Friday six major central banks announced coordinated action to enhance liquidity in the greenback by increasing the frequency of their currency swap operations to occur daily.
LAHORE
The Pak rupee registered a gain of 20-paisa on buying side while it lost 20 paisa on selling side in relation to the greenback amid sluggish trading trend in the local currency market on Saturday.
According to the currency dealers, the dollar resumed trading on a mixed note and witnessed a lacklustre trend throughout the day. At close of trading, the dollar ended at Rs 157.50 and Rs 158.50 on buying and selling side against the day earlier closing of Rs 157.70 and Rs 158.30, respectively.
The moneychangers had put off the screens to display the exchange rates and quoted verbally buying and selling rates of all the currencies. It is worth mentioning that there was a big difference of five rupees in buying and selling rate for pound sterling. Some dealers refused the pound’ selling rate on the pretext of non-availability.
However, some moneychangers quoted Rs 182.00 and Rs 187.00 for buying and selling of pound sterling as compared to previous closing of Rs 180.50 and Rs 187.00, respectively.
ISLAMABAD
The dollar gained 30 paisas against the rupee at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 159.80 (buying) and Rs 159.90 (selling) against last rate of Rs 159.50 (buying) and Rs 159.60 (selling).
It closed at Rs 159.80 (buying) and Rs 159.90 (selling).
The buying and selling rates of one tola of gold were Rs. 89,000 and Rs 89,500 (buying) in the local Sarafa (gold) markets of twin cities of Islamabad and Rawalpindi.
