KARACHI: Firmness prevailed on the money market on Saturday as the rupee managed to hold present levels against the dollar in the process of trading, dealers said. The rupee did not move any side in relation to the dollar for buying and selling at Rs 106.40 and Rs 106.60, they said. It, however, gained five paisas in terms of the euro for buying and selling at Rs 114.25 and Rs 115.75, they said.
OPEN MARKET RATES: At the week-end, the dollar hovered around a four-month low against the Japanese yen, ahead of a vote in Washington on new healthcare legislation that some investors view as a litmus test of whether US President Donald Trump will be able to pass fiscal stimulus.
The dollar weakened slightly after Republicans in Congress said they lacked the votes to pass their proposed US healthcare system overhaul, and a key committee chairman came out in opposition following Trump's demand for a vote in a gamble that could hobble his presidency. Failure to pass the proposal would hurt the dollar, at least temporarily, Trevisani said. With a risk-averse mood across markets, the greenback has slipped about 1.7 percent against the yen this week.
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Open Bid Rs 106.40
Open Offer Rs.106.60
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RUPEE IN LAHORE: The rupee-dollar parity stayed unchanged amid sluggish trend on the local currency market on Saturday.
According to currency dealers, the US dollar commenced on its Friday's closing of Rs 106.40 and Rs 106.70 as its buying and selling rates respectively.
At the close, no change in the value of dollar took place on buying and selling sides as it sustained its overnight trend of Rs 106.40 and Rs 106.70 respectively, they added.
Furthermore, the Pakistani rupee showed strength as it appreciated against the pound sterling. The pound's buying and selling rates slid from Friday's closing rates of Rs 131.80 and Rs 132.50 to Rs 131.30 and Rs 132.20, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee was unchanged against the dollar at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 106.50 (buying) and Rs 107 (selling) against last rate of Rs 106 (buying) and Rs 106.50 (selling). It closed at the same for selling and selling. Pound Sterling opened at Rs 130 (buying) and Rs 131.50 (selling). It closed at the same rate.
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