KARACHI: Firmness prevailed on the money market on Saturday as the rupee managed to hold overnight levels versus the dollar in the process of trading, dealers said. The rupee stayed put against the greenback for buying and selling at Rs 108.20 and Rs 108.50 respectively, similarly it also did not budge any side in terms of the euro for buying and selling at Rs 112.60 and Rs 114.10 respectively, they said.
OPEN MARKET RATES: At the week-end, the dollar held steady, lingering about half a percent below a 14-year peak set earlier this week, as traders moved to the sidelines ahead of the Christmas holiday weekend.
The greenback will likely test fresh multi-year heights when investors return from their year-end holiday break. The dollar has rallied more than 5 percent against a basket of currencies since Donald Trump's surprise US presidential election win on November 8.
"No one wants to take additional risk between now and the end of the year. They don't want to jeopardize those gains," said Stan Shipley, strategist at Evercore ISI in New York. Traders brushed off upbeat US new home sales and consumer sentiment data, which reinforced the view the world's biggest economy is expanding faster than its European and Japanese counterparts.
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Open Bid Rs 108.20
Open Offer Rs 108.50
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RUPEE IN LAHORE: The Pak rupee further lost by 10-paisa on buying side while remained unchanged on selling side against the greenback in the local currency markets here on Saturday.
According to currency dealers, the US dollar resumed trading on its overnight closing of Rs 108.30 and Rs 108.60 as its buying and selling rates, respectively.
In the absence of buyer' interest, it further ended higher at Rs 108.40 on buying counter. However, no change in the value of greenback took place for another day as it sustain its overnight trend of Rs 108.60 on selling counter, respectively, they added.
Moreover, the local currency failed to hold its strength as it depreciated versus the pound sterling.
The pound's buying and selling rates went up from Friday's closing rates of Rs 131.80 and Rs 132.80 to Rs 132.20 and Rs 133.10, respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar showed an improvement of Rs 1 against rupee at currency exchange shops of Islamabad and Rawalpindi here on Saturday.
The dollar resumed trading at Rs 108 (buying) and Rs 108.50 (selling) against last rate of Rs 107 (buying) and Rs 107.50 (selling). It did not observe further change in evening session and closed at Rs 108 (buying) and Rs 108.50 (selling).
Pound Sterling opened at Rs 135 (buying) and Rs 135.10 (selling) against same last week's rate. It did not observe further change in the second session and closed at Rs 135 (buying) and Rs 135.10 (selling).
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