THE RUPEE: no major changes

No visible variations were seen on the money market on Saturday as the rupee almost held its present levels in terms of the dollar in the process of trading, dealers said. The rupee did not budge any side against the dollar for buying and selling at Rs 105.40 and Rs 105.60, they said. The rupee, however, shed five paisas in relation to the euro for buying and selling at Rs 118.20 and Rs 119.20, they added.
OPEN MARKET RATES: At the week-end, the dollar rose against most major currencies on Friday, recovering from a five-month low, as traders exited short positions after two straight days of selling in the wake of the Federal Reserve's cautious view on global market developments.
The dollar index, which measures the greenback against six major currencies, was up 0.4 percent but analysts said doubt remained that the US currency would regain its footing in the near term.
It was down by just over 1 percent for the week, marking the third straight week of losses for the index. The dollar rose 0.3 percent to 111.75 yen on Friday, moving further from a 17-month low on Thursday of 110.65. For the week, the dollar shed nearly 2 percent against the yen, its steepest fall against the Japanese currency in five weeks.

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

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Open Bid       Rs 105.40

Open Offer     Rs 105.60

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RUPEE IN LAHORE: The rupee stayed firm against the US dollar and British pound on the currency market on Saturday.
At the close of trading, the dollar remained under pressure though it ended at Rs 105.30 and Rs 105.80 on buying and selling compared with the overnight closing of Rs 105.30 and Rs 105.80.
The rupee too remained strong and was unchanged on buying and selling against the pound sterling that was bought and sold at Rs 150.50 and Rs 151.50 on buying and selling compared with the Friday closing of Rs 150.50 and Rs 151.50.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained more strength against the Pak rupee at 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