An easier trend prevailed on the money market on Saturday as the rupee gave up firmness versus the dollar in process of trading, currency experts said. The rupee shed 10 paisas in relation to the dollar for buying and selling Rs 111.30 and Rs 111.60 respectively, they said.
OPEN MARKET RATES: The rupee, however, managed to pick up 70 paisas against the euro for buying and selling at Rs 137.30 and Rs 138.80 respectively, they added.
In the final New York trade, the dollar limped back from a three-year low against a basket of currencies on Friday but still marked its fifth weekly loss out of seven weeks this year, driving the euro up to its highest level since December 2014.
The US currency has been weighed down by several factors this year, including the perceived erosion of its yield advantage as other countries start to scale back easy monetary policy.
Traders' confidence in the dollar has also been worn down by worries over the United States' current account and budget deficits, with the latter projected to balloon to near $1 trillion in 2019 amid a government spending splurge and hefty corporate tax cuts.
Open Market Rates: Open Market Rates For Dollar on Saturday.
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Open Bid Rs 111.30
Open Offer Rs 111.60
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RUPEE IN LAHORE: The Pak rupee maintained downward trend for the third consecutive day versus the American dollar in the local currency markets on Saturday.
According to currency dealers, the short supply phenomenon of the US dollar continued to prevail in the market for another day which helped its further appreciation at Rs 111.40 and Rs 111.75 for buying and selling, respectively, as compared to the overnight closing trend of Rs 111.25 and Rs 111.60 respectively.
The national currency, however, showed strength as it recovered its earlier losses in terms of trading against the pound sterling.
Consequently, the pound's buying and selling rates slipped from Friday's closing of Rs 155.20 and Rs 156.30 to Rs 154.90 and Rs 155.90 respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee maintained an upward trend against the dollar for the second day at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened with a loss of 10 paisas at Rs 111.55 (buying) and Rs 111.65 (selling) against last rate of Rs 111.65 (buying) and Rs 111.75 (selling). It closed at Rs 111.55 (buying) and Rs 111.65 (selling).
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