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The rupee recovered more ground against the dollar on the money market on Saturday in process of trading, dealers said.

OPEN MARKET RATES: The rupee managed to gain 20 paisas versus the dollar for buying and selling at Rs 154.80 and Rs 155.20, they said. The rupee showed no change in relation to the euro for buying and selling at Rs 171.50 and Rs 173.00, they said.

In the final US trade, the US dollar fell from four-week highs against the safe-haven yen and slid versus the Swiss franc on Friday as investors fretted over possible renewed geopolitical tensions between the United States and Iran.

The yen and Swiss franc had fallen from highs hit last week after the United States and Iran, in comments earlier this week, moved away from an all-out conflict.

But concerns grew after the United States imposed more sanctions on Iran on Friday in response to its retaliatory missile attack on US forces in Iraq and vowed to tighten the screws further on the Iranian economy if Tehran continued to engage in what it described as terrorist acts.

US Secretary of State Mike Pompeo, in an appearance at the White House, said he had "no doubt" that Iran had full intention of killing US forces in a missile attack on a base in Iraq in retaliation for the US killing of Iranian commander Qassem Soleimani.

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Open Bid Rs 154.80

Open Offer Rs 155.20

========================

RUPEE IN LAHORE: The Pak rupee showed stability on buying side while it slightly improved and gained five-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 at its day earlier closing of Rs 154.70 and Rs 155.25 as its buying and selling rate, respectively. The dollar did not observe visible change in its demand and supply situation throughout the day. Therefore, at close of trading, the dollar ended at Rs 154.70 on buying side. However, it registered marginal decline and ended at Rs 155.20 on selling side, respectively.

On the contrary, the rupee stayed weak and depreciated its worth against the pound sterling. The pound's buying and selling rate improved from previous closing of Rs 201.35 and Rs 202.30 to Rs 201.50 and Rs 202.50, respectively, the dealers said.

RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 15 paisas against the rupee at the open currency markets of Islamabad and Rawalpindi here on Saturday.

The dollar opened at Rs 155.75 (buying) and Rs 155.85(selling) against last rate of Rs 155.60 (buying) and Rs 155.70 (selling).

It closed at Rs 155.75 (buying) and Rs 155.85 (selling).

The buying and selling rates of one tola of gold were Rs 91,200 (selling) and Rs 91,000(buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.

Copyright Business Recorder, 2020