THE RUPEE: falling trend

The rupee failed to come out of recent weakness against the dollar on the money market on Saturday in the process of trading, dealers said. The rupee dropped 15 paisas against the dollar for buying at Rs 107.15 and it also lost 20 paisas for selling at Rs 107.15 and Rs 107.40, they said. The rupee shed 25 paisas in relation to the euro for buying and selling at Rs 114.25 and Rs 115.75, they said.
At the weekend, the dollar fell against major rivals as investors took advantage of a pullback in US bond yields and a holiday-shortened week to consolidate gains that have propelled the currency to a nearly 14-year peak. Expectations of rises in US inflation and interest rates have driven the greenback to a more than 6 percent gain in the past two months, its strongest showing over a similar period since early 2015.
Most currency players expect the gains to continue. But the combination of the US Thanksgiving holiday, the processing of corporate flows before the month-end and perceived risks looming for markets in the first half of December led some to cash in gains now.

=======================

Open Bid      Rs 107.15

Open Offer    Rs 107.40

=======================

RUPEE IN LAHORE: The rupee remained under pressure for the second consecutive day against the major currencies including the US dollar and British pound in the local currency market on Saturday.
The trading activity of the US dollar resumed on a positive note and kept moving up due to the buyers' interest. At the close, the dollar further ended higher at Rs 107.30 and Rs 107.75 on buying and selling sides, respectively, as compared to the Friday's closing rates of Rs 107.20 and Rs 107.20, said the local currency dealers.
Similarly, the local currency also followed the same suit for the third consecutive day. The pound's buying and selling rates further drifted from the day earlier closing rates of Rs 133.50 and Rs 134.30 to Rs 133.60 and Rs 134.60, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The value of rupee against the dollar remained unchanged at local currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 105 (buying) and Rs 105.10 (selling) against same last rate. It did not observe further change in evening session and closed at Rs 105 (buying) and Rs 105.10 (selling).
Pound Sterling opened at Rs 132 (buying) and Rs 133 (selling). It did not observe further change in the second session and closed at Rs 132 (buying) and Rs 133 (selling).
Copyright Business Recorder, 2016