THE RUPEE: firm trend

The rupee held the present levels against the dollar on the money market on Saturday in process of trading, dealers said. The rupee remained unchanged versus the dollar for buying and selling at Rs 107.20 and Rs 107.40, they said.
OPEN MARKET RATES: The rupee shed 10 paisas in terms of the euro for buying and selling at Rs 126.20 and Rs 127.45, they said.
In the final NY trade, the US dollar edged higher against a basket of major currencies on Thursday, rebounding from a more than three-week low in the previous session, after the US House of Representatives passed their version of the tax overhaul bill.
The dollar index, which measures the greenback against six rival currencies, was up 0.13 percent to 93.933.
The US House of Representatives approved a broad package of tax cuts affecting businesses, individuals and families on Thursday, moving Republicans and President Donald Trump an important step closer to the biggest tax code overhaul in a generation.
"The tax plan isn't a foregone conclusion but it passed the lowest hurdle in the House," said Brian Battle, director of trading at Performance Trust Capital Partners in Chicago.
"The even higher hurdle is to have something pass in the Senate. The reconciliation will be the real measure if it happens," he said.
The dollar index, which hit 93.813 on Wednesday, its lowest since Oct. 20, was also boosted by a general improvement in risk appetite across financial markets.

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Open Bid       Rs 107.20

Open Offer     Rs 107.40

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RUPEE IN LAHORE: The Pak rupee lost its day earlier recoveries in relation to the American dollar in the local currency market on Saturday.
According to currency dealers, the short supply phenomenon of the US dollar helped its appreciation at Rs 107.15 and Rs 107.50 for buying and selling, respectively, as compared to the overnight closing rates of Rs 107.00 and Rs 107.40 respectively.
Moreover, the local currency moved both ways in terms of the pound sterling. The British currency was bought and sold at Rs 140.70 and Rs 141.50 against Rs 140.50 and Rs 142.00 of Friday, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained firm against the rupee at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 107.60 (buying) and Rs 107.70 (selling) against same last rate. It closed at Rs 107.60 (buying) and Rs 107.70 (selling).
Copyright Business Recorder, 2017