THE RUPEE: firm trend

The rupee did not move any side against the dollar on the money market on Saturday, dealers said. The rupee retained the overnight level versus the dollar for buying and selling at Rs 106.10 and Rs 106.30 respectively, while it dropped 20-paisa in terms of the euro for buying and selling at Rs 116.00 and Rs 117.00 respectively, they added.
OPEN MARKET RATES: At the week-end, the dollar tumbled to a near five-month low against the yen and a 2-1/2-week trough versus the euro on Friday, hammered by a combination of poor risk appetite arising from a renewed drop in oil prices and weak US economic data.
The downbeat economic numbers along with the meltdown in oil and stocks could further slow the pace of the Federal Reserve's already gradual tightening policy, a negative scenario for the dollar. The dollar index, which measures the greenback against a basket of six other major currencies, was down 0.2 percent at 98.933.

Open Market Rates: Open Market Rates for Dollar on Saturday.

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Open Bid       Rs 106.10

Open Offer     Rs 106.30

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RUPEE IN LAHORE: The local rupee was easier against the dollar on the money market on Saturday.
The dollar kept rising following fresh demand and ended higher at Rs 106.20 and Rs 106.45 as its buying and selling against the Friday closing of Rs 106.10 and Rs 106.30.
The rupee made a marginal recovery against the pound sterling that was traded at Rs 153.50 and Rs 154.00 as compared with the previous closing of Rs 153.75 and Rs 154.70.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar further gained strength against the Pak rupee on the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 106 (buying) and Rs 106.20 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 106 (buying) and Rs 106.20 (selling).
Pound Sterling opened at Rs 158 (buying) and Rs 158.50 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 158 (buying) and Rs 158.50 (selling).
Copyright Business Recorder, 2016