The rupee managed to hold firmness against the dollar on the money market on Saturday in the process of trading activity, dealers said.
OPEN MARKET RATES: The rupee picked up 10 paisas versus the dollar for buying at Rs 155.30 while it gained 20 paisas for selling at Rs 155.50, they said. The rupee was almost unchanged against the euro for buying and selling at Rs 170.30 and Rs 172.00 respectively, they said.
In the final US trade, the dollar gave up early gains to trade slightly lower on the day against a basket of currencies on Friday as a still unsigned partial US-China trade deal kept investors on edge and the shortened holiday week limited currency moves.
The dollar index, which compares the greenback against six other major currencies, was down 0.12% at 98.253. Earlier in the session, the index rose as high as 98.544, its highest since Oct. 15. For the week, the index was about flat.
China warned the United States on Thursday it would take "firm countermeasures" in response to US law backing anti-government protesters in Hong Kong, and said attempts to interfere in the Chinese-ruled city were doomed to fail.
US President Donald Trump on Wednesday signed into law congressional legislation which supported the protesters, despite angry objections from Beijing, with which he is seeking a deal to end a damaging trade war.
Open Bid Rs 155.30
Open Offer Rs 155.50
RUPEE IN LAHORE: The Pak rupee showed slight changes in relation to the greenback in the local currency market on Saturday.
According to the currency dealers, the dollar resumed trading at its day earlier closing of Rs 155.30 and Rs 155.65 as its buying and selling rate, respectively. The dollar did not observe visible change in its value during the trading day. However, at close of trading, the dollar's buying rate slightly declined and ended at Rs 155.25 while its selling rate closed at the opening level.
On the contrary, the rupee remained under pressure and depreciated against the pound sterling.
The pound's buying and selling rate improved from Rs 199.30 and Rs 200.40 of Friday to Rs 199.50 and Rs 201.50, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee recovered 10 paisas against the dollar at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 155.65 (buying) and Rs 155.75 (selling) against last rate of Rs 155.75 (buying) and Rs 155.85 (selling).
It closed at Rs 155.65 (buying) and Rs 155.75 (selling).
The buying and selling rates of one tola of gold were Rs. 85,500 (selling) and Rs 85,200 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.