No major changes were seen on the money market on Saturday as the rupee managed to hold overnight levels against the dollar in process of trading, dealers said. The rupee was unchanged in relation to the dollar for buying and selling at Rs 106.50 and Rs 106.70 respectively; however, it picked up 25 paisas versus the euro for buying and selling at Rs 113.75 and Rs 115.25 respectively, they said.
OPEN MARKET RATES: At the week-end, the dollar fell to a five-week low, remaining under pressure for a third straight session after the Federal Reserve quashed hopes for a further currency bull run by keeping a gradual rate-hiking pace.
"At the moment, the dollar remains in correction mode, which we had fully expected," said Fawad Razaqzada, market analyst, Forex.com in London. "But we remain fundamentally bullish on the greenback because the Fed remains the only major central bank which is actively tightening its policy."
James Chen, head of research at Forex.com in Bedminster, New Jersey, also pointed out that the pace of Fed rate hikes and policy outlooks can change extremely quickly. He noted that only a few weeks before Wednesday's Fed announcement, expectations for a March hike were exceptionally low. But Fed officials made a concerted effort to warn the markets of the high likelihood of a Fed rate hike and expectations then soared to a near-certainty, Chen said.
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Open Bid Rs.106.50
Open Offer Rs.106.70
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RUPEE IN LAHORE: The Pak rupee showed strength as it recovered its day earlier losses versus the US dollar in the local currency market on Saturday.
According to currency dealers, the US dollar resumed trading on a negative note and kept on declining amidst lack of buyers' interest in the market. At the close, it slid to Rs 106.70 and Rs 107.00 on buying and selling sides, respectively, as compared to Friday's closing rates of Rs 106.75 and Rs 107.10 respectively, they added.
Furthermore, the local currency appreciated on buying side while stayed unchanged on selling side against the pound sterling. The pound was bought and sold at Rs 131.00 and Rs 131.50 against the overnight closing rates of Rs 130.80 and Rs 131.50 respectively, 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 (buying) and Rs 106.50 (selling) against last rate of Rs 107.50 (buying) and Rs 107.60 (selling). It closed at the same rate of Rs 106 (buying) and Rs 106.50 (selling).
Pound Sterling opened at Rs 130 (buying) and Rs 131.50 (selling). It closed at the same rate.
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