The rupee depreciated against the dollar on the money market on Saturday in process of trading, dealers said. The rupee failed to maintain it's value in terms of the dollar, losing 50 paisas for buying and selling at Rs 148.00 and Rs 149.00, they said. The rupee was available against the euro for buying and selling at Rs 163.00 and Rs 167.00, they said.
OPEN MARKET RATES: In the final US trade, Investors rushed into the perceived safety of the Japanese yen on Friday, with the currency scoring its best day against the dollar in four months, after US President Donald Trump's threat to impose tariffs on Mexico roiled financial markets and stoked recession fears.
Taking aim at what he said was a surge of illegal immigrants across the southern border, Trump vowed on Thursday to impose a tariff on all goods coming from Mexico, starting at 5% and ratcheting higher until the flow of people ceases.
The Mexican peso tumbled against the greenback, losing as much as 3.4% at one point, for its steepest single-day loss since October. It was down 2.65% at 19.6485 per dollar.
Trump's surprise duties on Mexican imports "spurred sharp losses in the Mexican peso and a general risk-off move that strengthened the yen," said Marc Chandler, chief market strategist at Bannockburn Global Forex LLC.
Several different currencies have served as safe havens during the global trade conflict, but the yen has consistently been among the strongest this year, and on Friday investors appeared to opt for the Japanese currency.
The yen increased 1.11% at 108.41 per dollar and 0.75% per euro.
For May, the Japanese currency was on track to gain 2.72% against the dollar and 3.15% versus the euro.
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Open Bid Rs.148.00
Open Offer Rs.149.00
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RUPEE IN LAHORE: The Pak rupee maintained upward move for the second consecutive day and registered gain against the greenback in the local currency market on Saturday.
According to the currency dealers, the dollar resumed trading on a depressed note and remained under pressure due to lack of buyers' interest. At close of trading, the dollar ended further lower at Rs 146.00 and Rs 147.50 as its buying and selling rate against the overnight closing of Rs 147.00 and Rs 149.00, respectively.
However, the rupee showed stability and remained unchanged on buying side while it lost 50-paisa on the selling side in relation to the pound sterling. The pound was purchased and sold at Rs 183.00 and Rs 184.80 as compared to the day earlier closing of Rs 183.00 and Rs 184.30, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee gained Re 1 against the dollar at the local currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 148(buying) and Rs 148.10(selling) against last rate of Rs 149(buying) and Rs 149.10(selling). It closed at Rs 148(buying) and Rs 148.10(selling).
The buying and selling rates of one tola of gold was Rs 69,800 (selling) and Rs 69,500 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.
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