THE RUPEE: firm trend

Steady trend was witnessed on the money market on Saturday as the rupee held the overnight levels in the process of trading activity, dealers said.

OPEN MARKET RATES: The rupee held the overnight levels in relation to the dollar for buying and selling at Rs 155.80 and Rs 156.10 respectively, they added. The rupee picked up 50 paisas versus the euro for buying and selling at Rs 172.00 and Rs 174.00 respectively, they added.

In the final US trade, the dollar strengthened on Friday after US and Chinese trade officials neared finalizing parts of the Phase 1 trade pact, according to the US Trade Representative's office.

A statement issued by the USTR following Friday's negotiations said "They made headway on specific issues and the two sides are close to finalizing some sections of the agreement. Discussions will go on continuously at the deputy level, and the principals will have another call in the near future."

The statement provided no details on the areas in which progress was made.

The dollar index was 0.20% higher in afternoon trade to 97.826. Against the euro, the dollar was 0.21% higher to $1.108.

The dollar had strengthened earlier in the day against the pound, but some of those gains were reversed after the European Union agreed to London's request for a Brexit deadline extension but set no new departure date, giving Britain's divided parliament time to decide on Prime Minister Boris Johnson's call for a snap election.

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Open Bid       Rs.155.80
Open Offer     Rs.156.10
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RUPEE IN LAHORE: The Pak rupee stayed weak and declined by 5-paisa on buying side and 25-paisa on selling side in relation to the greenback in the local currency market on Saturday.

According to the currency dealers, the dollar resumed trading on a healthy note and registered gain following buyers' interest. At close of trading, the dollar ended higher at Rs 155.85 and Rs 156.25 as its buying and selling rate against the overnight closing of Rs 155.80 and Rs 156.00, respectively.

Similarly, the rupee remained under pressure and depreciated against the British pound. The pound was traded at Rs 199.50 and Rs 202.00 on buying and selling counter as compared to Friday closing of Rs 199.00 and Rs 199.80, respectively, the dealers added.

RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 5 paisas against the rupee at the open currency markets of Islamabad and Rawalpindi here on Saturday.

The dollar opened at Rs 156.25 (buying) and Rs 156.35 (selling) against last rate of Rs 156.20 (buying) and Rs 156.30 (selling). It closed at Rs 156.25 (buying) and Rs 156.35 (selling).

The buying and selling rates of one tola of gold were Rs. 87,500 (selling) and Rs 87,000 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.