THE RUPEE: slight rise

An upward trend persisted on the money market on Saturday as the rupee managed to gain modestly against the dollar in the process of trading, dealers said. The rupee extended overnight rising trend, picking up five paisas versus the dollar for buying and selling at Rs 105.10 and Rs 105.30 respectively, however it lost 40 paisas in relation to the euro for buying and selling at Rs 117.60 and Rs 118.60 respectively, they added.
OPEN MARKET RATES: At the week-end, the US dollar rose to its highest level against the yen in three weeks after a report said the Bank of Japan is considering expanding its negative rate policy to bank loans and could cut rates further.
The BOJ could consider the new step if policymakers decide to lower the negative 0.1 percent interest rate applied to some bank reserves parked with the central bank, Bloomberg reported. The dollar rose more than 2 percent against the yen to 111.80 yen, its highest level against the Japanese currency since April 1. For the week, the dollar was set to rise 2.6 percent against the yen, which would mark its strongest weekly gain since late October 2014.

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Open Bid       Rs 105.10

Open Offer     Rs 105.30

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RUPEE IN LAHORE: The Pak rupee gained on buying side while it stayed firm on selling side in relation to the US dollar on the local currency market on Saturday.
According to the currency dealers, the dollar resumed trading at its overnight closing of Rs 105.40 and Rs 105.55 on buying and selling counters, respectively.
Because of short supply, the dollar could not sustain and lost its worth to Rs 105.35 on buying side while its selling rate witnessed no change at Rs 105.55, respectively.
On the other hand, the local currency failed to maintain rising trend against the British pound. The pound's buying and selling rates were improved from the overnight closing of Rs 150.00 and Rs 150.60 to Rs 150.50 and Rs 151.50, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar further gained 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).
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