An upward trend prevailed on the money market on Saturday as the rupee managed to gain versus the dollar in the process of trading activity, dealers said. The rupee picked up 10 paisas in terms of the dollar for buying and selling Rs 111.70 and Rs 112.00 respectively, they said.
OPEN MARKET RATES: The rupee also gained 90 paisas versus the euro for buying and selling at Rs 138.30 and Rs 140.30 respectively, they added.
In the final NY trade, the US dollar rose on Friday against a number of currencies including the Japanese yen and the euro after strong national jobs data, but the greenback later pared gains and investors were not convinced advances would last past the day.
US job growth surged in January and wages increased further, recording their largest annual gain in more than 8-1/2 years.
Non-farm payrolls jumped by 200,000 jobs last month after rising 160,000 in December, the Labour Department said.
The data contributed to the sentiment that inflation is picking up and higher interest rates are on the horizon, said Jeff Kravetz, regional investment director at US Bank Wealth Management in Scottsdale, Arizona.
The dollar index, tracking the unit against a basket of major currencies, was up 0.58 percent at 89.185 at 2:55 pm EST (1955 GMT). On the day, the greenback scored its best daily performance since Oct. 26.
Against the yen, the dollar reached its highest since Jan. 23, and was last up 0.79 percent at 110.25. The yen has correlated inversely with US Treasuries. The 10-year yield hit a four-year high on the day and last edged to 2.8506 percent, while the 30-year rose to 3.0961 percent.
After the jobs data, the euro fell against the dollar. While it pared losses during the day, it did not make up its decline and last fell 0.46 percent to $1.2451.
Open Market Rates: Open Market Rates For Dollar on Saturday.
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Open Bid Rs 111.70
Open Offer Rs 112.00
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RUPEE IN LAHORE: The Pak rupee registered appreciation versus the major foreign currencies including the American dollar and British pound in the local currency market on Saturday.
According to currency dealers, the US dollar resumed trading on a negative note following lack of buyers' interest in the market.
Consequently, it was closed lower at Rs 111.80 and Rs 112.10 for buying and selling, respectively, as compared to the overnight closing trend of Rs 111.85 and Rs 112.25 respectively, they added.
In addition, the national currency also followed the same suit in process of trading against the pound sterling.
The pound's buying and selling rates slipped from Friday's closing of Rs 157.80 and Rs 158.80 to Rs 156.30 and Rs 157.70 respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 112.25 (buying) and Rs 112.35 (selling) against last rate. It closed at Rs 112.25 (buying) and Rs 112.35 (selling).
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