THE RUPEE: more slide

The rupee continued its decline against the dollar on Saturday in the process of trading, dealers said. The rupee shed 10 paisas more in terms of the dollar for buying and selling at Rs 106.10 and Rs 106.30 respectively, they said. The rupee also extended fall versus the euro, losing 20 paisas for buying and selling at Rs 115.30 and Rs 116.80 respectively, they said.
OPEN MARKET RATES: At the week-end, the dollar rose to its highest in nine months against a basket of major currencies and was on track for its best week in a year as investors packed on bets that the administration of President-elect Donald Trump would pump up US inflation.
Backed by a stronger-than-expected US consumer sentiment report and solid gains against the euro and Canadian dollar, the dollar index rose to its highest since February 1. Investors expect Trump's proposals to deport illegal immigrants, cut free-trade deals and unleash large fiscal stimulus measures will boost US inflation.

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Open Bid      Rs 106.10

Open Offer    Rs 106.30

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RUPEE IN LAHORE: The Pakistani rupee remained under pressure for the third consecutive day against the US dollar and British pound in the local currency markets on Saturday.
The US dollar resumed trading on a positive note and kept moving up during the day's trading session. Following the buyers' interest, the dollar's rate further climbed up at Rs 106.35 and Rs 106.50 on buying and selling sides, respectively, as compared to Friday's closing rates of Rs 106.15 and Rs 106.45, the dealers said.
Against the pound sterling, the local currency also followed the same suit. The pound's buying and selling rates further moved up from the overnight closing rates of Rs 132.90 and Rs 133.90 to Rs 133.10 and Rs 134.00, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The value of rupee against the dollar remained unchanged at local currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 105 (buying) and Rs 105.10 (selling) against same last rate. It did not observe further change in evening session and closed at Rs 105 (buying) and Rs 105.10 (selling).
Pound Sterling opened at Rs 132 (buying) and Rs 133 (selling). It did not observe further change in the second session and closed at Rs 132 (buying) and Rs 133 (selling).
Copyright Business Recorder, 2016