THE RUPEE: steady trend

The rupee maintained overnight levels against the dollar on the money market on Saturday in the process of trading, dealers said. The rupee sustained overnight levels in relation to the dollar for buying and selling at Rs 110.50 and Rs 110.80 respectively, they said.
OPEN MARKET RATES: The rupee was also unmoved in terms of the euro for buying and selling at Rs 130.75 and Rs 132.75 respectively, they added.
At NY closing session, the dollar fell to its lowest in over three months against a basket of major currencies on Friday, marking its steepest annual drop since 2003, on doubts over durability of a pickup in US economic growth in wake of last week's tax overhaul.
One of the most dramatic market developments in 2017 was the breath-taking rise of bitcoin and other cryptocurrencies. While they have pulled back at year-end, many of these digital currencies have surged in value this year.
The greenback may lag further against its peers in 2018 as investors expected other major central banks to reduce their stimulus while the Federal Reserve has signalled it would raise interest rates further, analysts said.
The dollar will face more headwinds in 2018," said Chris Gaffney, President of World Markets at EverBank in St. Louis, Missouri. "The Fed won't be going at it alone in terms of taking off more gas from the stimulus pedal."

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Open Bid       Rs.110.50

Open Offer     Rs.110.80

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RUPEE IN LAHORE: The Pak rupee recovered on buying side whereas it remained unchanged on selling side in terms of the US dollar in the local currency market on Saturday.
The trading activity of the US dollar commenced on its overnight closing of Rs 110.60 and Rs 110.90 as its buying and selling rates, respectively.
At close of trading, it shed 30 paisas for buying at Rs 110.30. However, it firmly maintained its opening trend for selling at Rs 110.90, local currency dealers said.
Furthermore, the local currency moved both ways versus the British pound which was bought and sold at Rs 146.50 and Rs 147.80 against Friday's closing of Rs 147.00 and Rs 147.50 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar was unchanged against the rupee at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 110.65 (buying) and Rs 110.75 (selling) against last rate of Rs 110.55 (buying) and Rs 110.65 (selling) It closed at Rs 110.65 (buying) and Rs 110.75 (selling).
Copyright Business Recorder, 2017