THE RUPEE: modest recovery

The rupee recovered modestly against the dollar on the money market on Saturday in the process of trading, dealers said. The rupee gained 20 paisas in relation to the dollar for buying and selling at Rs 142.30 and Rs 142.80 respectively, they said. The rupee also picked up 20 paisas versus the euro for buying and selling at Rs 160.00 and Rs 161.80, they said.
OPEN MARKET RATES: In the final US trade, the dollar rose on Friday after a jobs report for March showed than US job gains were better than expected during the month while wage pressures were muted.
Non-farm payrolls rose by 196,000 jobs last month. Data for February was revised modestly up to show payrolls rising by 33,000 jobs instead of the previously reported 20,000. February job gains were the smallest since September 2017.
Wage gains also slowed in March and more people dropped out of the labour force. Average hourly earnings increased by four cents, or 0.1 percent in March after jumping 0.4 percent in February.

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Open Bid       Rs.142.30

Open Offer     Rs.142.80

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RUPEE IN LAHORE: The Pak rupee remained weak and further declined by 15-paisa on buying side while it stayed unchanged on selling side in relation to the greenback in the local currency market on Saturday.
The dollar resumed trading at its day earlier closing of Rs 142.50 and Rs 143.00 on buying and selling side, respectively. Amid sluggish trading, the dollar's buying rate moved up to Rs 142.65 while its selling rate did not observe any change and ended at the opening level of Rs 143.00.
However, the local currency showed strength and appreciated its worth against the pound sterling. The pound's buying and selling rate declined from the Friday closing of Rs 187.00 and Rs 188.40 to Rs 185.10 and Rs 186.70, respectively.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee showed a recovery of 40 paisas against the dollar at the local currency markets of Islamabad and Rawaplindi on Saturday.
The dollar opened at Rs 142.10 (buying) and Rs 142.20 (selling) against last rate of Rs 142.50 (buying) and Rs 142.60 (selling). It closed at Rs 142.10 (buying) and Rs 142.20 (selling) by the end of evening session.
Copyright Business Recorder, 2019