Firmness prevailed on the local currency market on Saturday as the rupee did not budge any side against the dollar in process of trading activity, dealers said.
OPEN MARKET RATES: The rupee maintained overnight levels in relation to the dollar for buying and selling at Rs 138.70 and Rs 139.20 respectively, they said. The rupee gained 20 paisas against the euro for buying and selling at Rs 156.30 and Rs 158.10 respectively, they said.
In the final US trade, the dollar rose on Friday, hitting 10-week-highs against the yen, as risk appetite improved amid a more upbeat outlook on the euro and the prospect of a trade deal between China and the United States.
"Risk-on sentiment amid a global stock rally worked in favour of the euro and commodity rivals like the loonie, Aussie and kiwi dollars, while rising Treasury yields have pulled the greenback out of its biggest hole in weeks," said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington.
Friday's slew of weaker-than expected US economic data weighed on the dollar initially, especially the manufacturing index, but the greenback rallied to trade higher on the day.
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Open Bid Rs.138.70
Open Offer Rs.139.20
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RUPEE IN LAHORE: The Pak rupee showed mixed trend as it gained 20-paisa on buying side while it lost 10-paisa on selling side in relation to the greenback in the local currency market on Saturday.
The dollar resumed trading amid lackluster condition and kept on moving up and down during the day's trading. At close of trading, the dollar ended at Rs 138.80 and Rs 139.80 on buying and selling counter against the overnight closing of Rs 139.00 and Rs 139.70, respectively.
However, the local currency showed strength and appreciated its worth against the British pound. Due to lack of buyers' interest, the pound sterling could not sustain and declined to Rs 180.90 and Rs 182.00 as compared to the day earlier closing of Rs 181.90 and Rs 183.00, respectively.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee recovered 70 paisa against the dollar at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs138.50 (buying) and Rs 138.60 (selling) against last rate of Rs139.20 (buying) and Rs 139.30 (selling). It closed at Rs138.50 (buying) and Rs 138.60 (selling).
The buying and selling rates of one tola of gold was Rs. 69,200 (selling) and Rs 69,000 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.
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