Firmness prevailed on the money market on Friday as the rupee maintained rising trend against the dollar in process of trading activity, dealers said.
OPEN MARKET RATES: The rupee was unchanged in relation the dollar for buying and selling at Rs 156.50 and Rs 157.00. The rupee picked up steeply versus the euro for buying and selling at Rs 171.00 and Rs 173.00.
In the final US trade, the euro fell below $1.10 on Friday to its weakest since May 2017 as a multi-day downward shift in the single currency intensified in afternoon trade.
Traders had varied explanations for the drop, including that month-end rebalancing of portfolios heightened an existing bias. The longer-term trend, which has seen the euro fall 0.90% in August, has been driven by an economic slowdown in Europe among other factors.
"We had a quick 50-odd point drop, which seems to be month-end related. Clearly the euro has been quite soft for some time. We touched below $1.10 earlier in August and we've struggled really to rebound from that point.
The underlying softness that we've seen persist in the past month seems very much intact," said Shaun Osborne, chief foreign exchange strategist at Scotia Capital.
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Open Bid Rs.156.50
Open Offer Rs.157.00
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RUPEE IN LAHORE: The Pak rupee showed mixed trend as it gained 40-paisa on buying side while it lost 10-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 demand and supply situation that resulted in sluggish trading behavior. At close of trading, the dollar ended Rs 156.50 and Rs 157.50 as its buying and selling rate against the previous closing of Rs 156.90 and Rs 157.40, respectively. However, the rupee showed stability and stayed unchanged on buying side while was depreciated on selling side against the pound sterling. The pound was traded at Rs 190.00 and Rs 192.00 on buying and selling counter as compared to the overnight closing of Rs 190.00 and Rs 191.25 respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee gained 20 paisa against the dollar at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 157.10(buying) and Rs 157.20(selling) against last rate of Rs 157.30(buying) and Rs 157.40(selling).
It closed at Rs 157.10(buying) and Rs 157.20(selling).
The buying and selling rates of one tola of gold were Rs. 89,000 (selling) and Rs 88,500(buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.
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