Firmness prevailed on the money market on Saturday as the rupee held its overnight levels versus the dollar in the process of trading activity, dealers said. The rupee stayed put against the dollar for buying and selling at Rs 130.80 and Rs 131.50 respectively, they said. The domestic currency gained sharply in terms of the euro for buying and selling at Rs 147.80 and Rs 149.80, they said.
OPEN MARKET RATES: In the final US trade, the dollar rose against the yen and the euro on Friday in a choppy session, as worries that a trade deal between the United States and China may not be imminent curtailed risk appetite and boosted safe-haven demand for the greenback.
White House economic adviser Larry Kudlow told CNBC that President Donald Trump has not asked US officials to draw up a proposed trade plan for China, shooting down an earlier report from Bloomberg that Trump had asked officials to draft a possible deal.
Kudlow also said he was not as optimistic as he once was about the two nations reaching a deal and said that Trump "could pull the trigger" on additional tariffs on Chinese imports, depending on how talks go.
Separately, Trump told reporters that a lot of progress had been made with China on trade, and he predicted the world's two largest economies would reach a very good deal.
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Open Bid Rs.130.80
Open Offer Rs.131.50
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RUPEE IN LAHORE: The Pak rupee registered appreciation in relation to the greenback in the local currency market on Saturday.
According to currency dealers, the greenback remained under pressure and kept on declining throughout the trading session which closed for buying and selling at Rs 130.00 and Rs 131.60 against the last closing trend of Rs 131.00 and Rs 132.30 respectively.
In addition, the national currency moved both ways in process of trading against the pound sterling. The pound was bought and sold at Rs 166.00 and Rs 168.40 against its earlier closing rates of Rs 166.50 and Rs 167.80 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 65 paisa against the rupee at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 131.50 (buying) and Rs 131.60 (selling) against last rate of Rs 132.15 (buying) and Rs 132.20 (selling). It closed at Rs 131.50 (buying) and Rs 131.60 (selling).
The buying and selling rates of gold were Rs 59,600 (selling) and Rs 59,500 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi here on Saturday.
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