An easier trend persisted on the money market on Saturday as the rupee failed to halt its slide against the dollar in the process of trading, marketmen said. The rupee dropped 30 paisas versus the dollar for buying at Rs 159.00 and it also shed 20 paisas for selling Rs 159.50, dealers said.
OPEN MARKET RATES: The rupee gained slightly in relation to the euro for buying and selling at Rs 178.50 and Rs 180.50 respectively, they said.
In the final US trade, the dollar weakened for a third straight session on Friday, still pressured by expectations the Federal Reserve will start cutting interest rates at a monetary policy meeting later this month.
Against a basket of other currencies, the dollar fell 0.1 percent to 97.004, posting its worst daily loss against the yen and Swiss franc in more than three weeks.
The dollar briefly trimmed losses after US data showed producer prices rose slightly in June, up 0.1 percent following a similar gain in May. In the 12 months through June, the PPI rose 1.7 percent, the smallest gain since January 2017.
Joe Manimbo, senior market analyst, at Western Union Business Solutions in New York said the PPI increase should not shake US rate cut expectations.
Until the Fed's preferred gauge of inflation, the core personal consumption expenditures price (PCE) index, shows convincing signs of heating up from a low 1.6 percent, the Fed is unlikely to change its stance on cutting rates this month, he added.
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Open Bid Rs.159.00
Open Offer Rs.159.50
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RUPEE IN LAHORE: The Pak rupee stayed weak and lost its worth by 50-paisa on buying side and 20-paisa on selling side in relation to the greenback in the local currency market on Saturday.
According to the currency dealers, the dollar resumed trading on a healthy note and registered gains following fresh buying. At close of trading, the dollar ended higher at Rs 159.50 and Rs 160.00 against the overnight closing of Rs 159.00 and Rs 159.80, respectively.
However, the rupee showed stability and remained unchanged on buying side while it improved its worth against the pound sterling that was purchased and sold at Rs 199.20 and Rs 200.00 as compared to the day earlier closing of Rs 199.20 and Rs 201.00, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 50-paisa against the rupee at the local currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 160.50(buying) and Rs 160.60 (selling) against last rate of Rs 160 (buying) and Rs 160.10 (selling). It closed at Rs 160.50 (buying) and Rs 160.60 (selling).
The buying and selling rates of one tola of gold was Rs 80,300 (selling) and Rs 80,000 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.
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