The rupee managed to gain modestly versus the greenback on the money market on Saturday in the process of trading, experts said. The rupee posted modest gain of 10 paisas in relation to the dollar for buying and selling at Rs 114.20 and Rs 115.20 respectively, they said. The rupee also picked up 35 paisas for buying and selling at Rs 139.25 and Rs 141.25 respectively, they added.
OPEN MARKET RATES: In the final NY trade, the US dollar hovered near a one-month low against a basket of major currencies on Friday and was on course for its biggest weekly drop in five as investors worried that escalating trade tensions could hurt global growth.
The dollar index, which measures the greenback against a basket of six other major currencies, was down 0.48 percent at 89.427. For the week, the index was down 0.9 percent.
China urged the United States on Friday to "pull back from the brink" as President Donald Trump's plans for tariffs on up to $60 billion in Chinese goods moved the world's two largest economies closer to a trade war.
Expectations about shifting policy at global central banks were also injecting an element of uncertainty into currency markets, Tomes said.
Trump's decision on Thursday to replace HR McMaster as national security adviser with John Bolton, a hawk who has advocated using military force against North Korea and Iran, could also be weighing on sentiment on the margins, Tomes said.
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Open Bid Rs.114.20
Open Offer Rs.115.20
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RUPEE IN LAHORE: The Pak rupee failed to sustain it's firmness versus the major foreign currencies including the greenback and British pound in the local currency market on Saturday.
According to currency dealers, the short supply phenomenon of the greenback prevailed throughout the trading session which helped its further appreciation for buying and selling at Rs 114.20 and Rs 115.20 as compared to the overnight closing trend of Rs 114.00 and Rs 115.00 respectively.
Likewise, the national currency also followed the same suit in terms of trading against the pound sterling. Consequently, the pound's buying and selling rates rose from last closing trend of Rs 158.70 and Rs 159.60 to Rs 158.80 and Rs 160.00 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained firm against the rupee at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 115 (buying) and Rs 115.20 (selling) against same last rate. It closed at Rs 115 (buying) and Rs 115.20 (selling).
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