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The rupee managed to gain slightly 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 in relation to the dollar for buying and selling at Rs 154.40 and Rs 154.70 respectively, they said. The rupee also appreciated sharply in terms of the euro for buying and selling at Rs 170.50 and Rs 172.00 respectively, they said.

In the final US trade, the safe-haven Japanese yen weakened on Friday as record high stocks showed stronger risk appetite, while the greenback gained against the euro after data on Thursday showed solid US economic momentum.

US stock indexes were driven higher by optimism over corporate earnings, upbeat economic data and indications of resilience in China's economy.

Data on Friday showed that China's economy ended the year on

a firmer note, even as economic growth cooled to its weakest in nearly 30 years.

The yen rose as high as 110.28, the highest since May, before falling back to 110.10. The offshore Chinese yuan also strengthened as far as 6.8567, the strongest since July. The euro was last down 0.32% at $1.1099.

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Open Bid Rs 154.40

Open Offer Rs 154.70

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

RUPEE IN LAHORE: The Pak rupee remained strong and appreciated 30-paisa on buying side and 5-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 could not sustain in the absence of buyers' interest.

At close of trading, the dollar ended at Rs 154.20 and Rs 154.80 as its buying and selling rate against the overnight closing of Rs 154.50 and Rs 154.85, respectively.

Similarly, the rupee showed strength and registered gain against the pound sterling. The pound's buying and selling rate declined from the previous closing of Rs 200.25 and Rs 202.20 to Rs 199.00 and Rs 201.50, respectively, the dealers said.

RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee gained 20 paisas against the dollar at the open currency markets of Islamabad and Rawalpindi here on Saturday.

The dollar opened at Rs 154.90 (buying) and Rs 155 (selling) against last rate of Rs 155.10 (buying) and Rs 155.20(selling).

It closed at Rs 154.90 (buying) and Rs 155 (selling).

The buying and selling rates of one tola of gold were Rs 90,100 (selling) and Rs 90,000 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.

Copyright Business Recorder, 2020