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The rupee held the overnight levels against the dollar on the money market on Saturday in the process of trading activity, dealers said.

OPEN MARKET RATES: The rupee did not show any change in relation to the dollar for buying and selling at Rs 154.30 and Rs 154.60 respectively, they said. The rupee shed 45 paisas in terms of the euro for buying and selling at Rs 170.25 and Rs 171.75 respectively, they said.

In the final US trade, the safe-haven yen and Swiss franc gained on Friday as fears escalated about the global economic impact of the latest coronavirus outbreak in China last week.

The Australian dollar fell to a four-month low against the US dollar, while China's offshore yuan struggled to find a footing in the wake of the virus outbreak.

The World Health Organization said late on Thursday that the coronavirus outbreak was a global emergency, but opposed travel restrictions and said China's actions so far would "reverse the tide" of its spread, somewhat reassuring markets.

The United States and other countries, however, tightened travel curbs on Friday and businesses said they were facing supply problems because of the coronavirus in China.

"The steady drumbeat of negative headlines combined with government reactions to the spread of the virus is still roiling markets a bit and it's hard for markets to find that stability," said Brad Bechtel, managing director at Jefferies in New York.

US data on consumer spending and personal income did push the dollar a little higher against the yen and euro, as core consumer prices as measured by the personal consumption expenditures (PCE) price index rose 0.2% last month after edging up 0.1% the previous four months. That lifted the annual increase in the so-called core PCE price index to 1.6% in December from 1.5% in November.

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Open Bid Rs 154.30

Open Offer Rs 154.60

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

RUPEE IN LAHORE: The Pak rupee showed stability on buying side but lost 20-paisa on selling side in relation to the greenback in the local currency market on Saturday.

According to the currency dealers, the dollar resumed business on a mixed note and witnessed sluggish trading trend. The dollar did not observe any change in its supply situation that helped rupee stability on buying side at Rs 154.30. However, following buyers' interest, the dollar moved up and ended at Rs 154.80 on selling side, the dealers said.

The rupee remained strong and registered gain on buying side while it was depreciated on selling side against the British pound. The pound was traded at Rs 201.00 and Rs 203.00 on buying and selling counter against the previous closing of Rs 201.50 and Rs 202.40, respectively, they added.

RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 10 paisas against the rupee at the open currency markets of Islamabad and Rawalpindi here on Saturday.

The dollar opened at Rs 154.80 (buying) and Rs 154.90 (selling) against last rate of Rs 154.70 (buying) and Rs 154.80 (selling).

It closed at Rs 154.80 (buying) and Rs 154.90 (selling).

The buying and selling rates of one tola of gold were Rs 91,500 (selling) and Rs 91,200 (buying) in the local Sarafa (gold) markets of twin cities of Islamabad and Rawalpindi here on Thursday.

Copyright Business Recorder, 2020