The rupee held the overnight levels against the dollar on the money market on Saturday in the process of trading, dealers said. The rupee held the overnight levels in relation to the dollar for buying and selling at Rs 157.30 and Rs 157.80 respectively, dealers said. The rupee, however, fell sharply against the euro for buying and selling at Rs 173.50 and Rs 175.50 respectively, they said.
OPEN MARKET RATES: In the final US trade, the dollar rose to a three-week high against the euro and a one-week peak versus the yen on Friday ahead of a speech from Federal Reserve Chair Jerome Powell, with investors expecting him to express some reluctance to embark on a long rate-cut cycle after a chorus of Fed officials voiced a similar sentiment.
Powell will address the Jackson Hole symposium of central bankers at 1400 GMT on Friday, and traders are waiting to see how closely he allies himself with the hawks within the Fed.
Currency markets have in recent months been driven by a shift at global central banks to looser monetary policy as economic demand slows and trade disputes intensify.
Expectations that the Fed will cut rates at its next meeting in September have been fully priced into interest rate futures, but the currency market is likely to react if Powell's comments do not match the dovish expectations. Money markets price in at least two rate cuts of 25 basis points this year.
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Open Bid Rs.157.30
Open Offer Rs.157.80
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RUPEE IN LAHORE: The Pak rupee maintained upward slide for another day appreciated its worth by 70-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 selling pressure that helped rupee's recovery. At close of trading, the dollar ended further lower at Rs 156.80 and Rs 157.90 on buying and selling counter against the Friday closing of Rs 157.50 and Rs 158.30, respectively.
However, the rupee remained weak and registered decline against the pound sterling. The pound's buying and selling rate improved from the overnight closing of Rs 190.50 and Rs 191.50 to Rs 191.20 and Rs 192.50, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained five paisas against the rupee at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 158.15(buying) and Rs 158.25(selling) against last rate of Rs 158.10(buying) and Rs 158.20(selling).
It closed at Rs 158.15(buying) and Rs 158.25(selling).
The buying and selling rates of one tola of gold remained as Rs 89,000(selling) and Rs 89,800(buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.
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