THE RUPEE: firm trend

The rupee depicted no change against the dollar on the money market on Saturday in the process of modest trading, dealers said.
OPEN MARKET RATES: The rupee held the overnight levels in relation to the dollar for buying and selling at Rs 160.00 and Rs 160.50 respectively, dealers said. While, the rupee gained 80 paisas in terms of the euro for buying and selling at Rs 179.0 and 181.50 respectively, they said.
In the final US trade, The US dollar rose in early trading on Friday, swinging back into positive territory after the New York Federal Reserve walked back dovish comments from its president the prior day, which had bolstered expectations of an aggressive interest rate cut this month.
The dollar remains sensitive to any Fed news "as traders are positioned for at least three rate cuts by year-end including the 25-basis point cut that is fully priced into the market this month. Should these probabilities change, as a result of the Fed potentially indicating a one-and-done attitude this month, then the dollar could rapidly appreciate as the futures market re-positions," said Tadbir.
The dollar index, which hit a two-week low of 96.648 on Thursday, was 0.26% higher at 97.042.

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Open Bid       Rs.160.00

Open Offer     Rs.160.50

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RUPEE IN LAHORE: The Pak rupee showed stability on buying side while it lost 90-paisa on selling side in relation to the greenback in the local currency market on Saturday.
According to the currency dealers, there was no visible change in the dollar's supply situation. As a result, the dollar's buying rate stayed unchanged at its day earlier closing of Rs 160.30. However, following fresh buying, the dollar's selling rate improved from the Friday's closing of Rs 161.00 to Rs 161.90.
However, the rupee recovered some of its earlier loss and appreciated its worth against the pound sterling. The pound's buying and selling rate slide down from the previous closing of Rs 200.20 and Rs 201.80 to Rs 199.50 and Rs 201.20, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 10 paisas against the rupee at the local currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 160.90(buying) and Rs 161 (selling) against last rate of Rs 160.80(buying) and Rs 160.90 (selling). It closed at Rs 160.90 buying) and Rs 161 (selling).
The buying and selling rates of one tola of gold was Rs 83,300 (selling) and Rs 83,000 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.
Copyright Business Recorder, 2019