The rupee maintained rising trend against the dollar on the money market on Saturday in the process of trading activity, dealers said.
OPEN MARKET RATES: The rupee managed to extend gains in terms of the dollar, picking up further 20 paisas for buying and selling at Rs 158.20 and Rs 159.20 respectively, dealers said.
The rupee also appreciated sharply against the euro for buying and selling at Rs 174.50 and Rs 176.50 respectively, they said.
In the final US trade, the dollar fell broadly on Friday as news of slower US employment growth in July and heightened US-China trade tensions fuelled expectations that the Federal Reserve would cut interest rates again in September.
Non-farm payrolls increased by 164,000 jobs in July, fewer than the month prior, and wages increased modestly, the Labour Department said. The report came a day after US President Donald Trump announced an additional 10% tariff on $300 billion worth of Chinese imports starting Sept. 1, leading financial markets to almost fully price in a September rate cut.
The dollar fell 0.76% against the Japanese yen to its lowest since Jan. 3, last at 106.50. Versus the euro it was 0.22% weaker at $1.1109. The Swiss franc, which like the yen serves as a safe-haven investment in times of market volatility, was 0.83% stronger to 0.9818 franc per dollar.
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Open Bid Rs.158.20
Open Offer Rs.159.20
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RUPEE IN LAHORE: The Pak rupee maintained upward slide for the second day and gained 50-paisa on buying side and 40-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 depressed note and remained under pressure throughout the day. At close of trading, the dollar ended lower at Rs 158.10 and Rs 159.00 as its buying and selling rate against the overnight closing of Rs 158.60 and Rs 159.40, respectively.
Similarly, the rupee showed strength and appreciated its worth against the pound sterling. The pound's buying and selling rate declined from the Friday closing of Rs 192.00 and Rs 193.30 to Rs 191.00 and Rs 192.50, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee gained 30 paisas against the dollar at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 159.40 (buying) and Rs 159.50(selling) against last rate of Rs 159.70 (buying) and Rs 159.80(selling).
It closed at Rs 159.40 (buying) and Rs 159.50(selling).
The buying and selling rates of one tola of gold remained as Rs 84,200 (selling) and Rs 83,900 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.
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