A kind of firmness prevailed on the money market on Saturday as the rupee did not depict any variation in terms of the dollar in the process of trading activity, dealers said. The rupee was unchanged in relation to the dollar for buying and selling at Rs 142.00 and Rs 142.50 respectively, they said. The rupee gained 50 paisas versus the euro for buying and selling at Rs 159.80 and Rs 161.50 respectively, they said.
OPEN MARKET RATES: In the final US trade, the dollar slipped on Friday to its lowest against the euro in more than two weeks on reports a foreign bank was preparing to fund an acquisition of a European company, while signs of economic stabilization in China and a strong start to US corporate earnings season boosted demand for riskier assets.
The euro was 0.6% higher against the dollar at $1.1317, its highest since March 26. Dealers attributed part of the euro's strength to anticipated currency demand arising from a Japanese bank's plans to purchase a German multibillion-dollar aviation finance business.
Speculators were buying the euro in response to reports on Mitsubishi UFJ Financial Group's planned purchase of the aviation financing business of Germany's DZ Bank, dealers said. The transaction was announced on March 1 and MUFG said that it was expected to close after June.
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Open Bid Rs.142.00
Open Offer Rs.142.50
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RUPEE IN LAHORE: The Pak rupee showed stability and stayed unchanged against the US dollar in the open currency market on Saturday.
According to the currency dealers, the dollar resumed trading at its day earlier closing of Rs 142.30 and Rs 142.80 as its buying and selling rate, respectively. The dollar did not observe any change in its demand and supply situation that helped rupee stability. The dollar's opening rates continued to prevail during the entire trading day.
However, the rupee remained strong and appreciated its worth on buying side while it stayed unchanged on selling side against the pound sterling. The pound's buying rate declined from the Friday's closing of Rs 185.00 20 to Rs 184.80 whereas its selling rate remained unchanged and ended at its opening level of Rs 186.00, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained slightly against the rupee at the local currency markets of Islamabad and Rawaplindi on Saturday.
The dollar opened at Rs 142.20 (buying) and Rs 142.30 (selling) against last rate of Rs 142.15 (buying) and Rs 142.25 (selling). It closed at Rs 142.20 (buying) and Rs 142.30 (selling).
The buying and selling rates of one tola of gold was Rs. 71,400 (selling) and Rs 71,300(buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.
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