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Firmer trend was seen on the money market on Saturday as the rupee maintained last levels against the dollar in the process of trading activity, dealers said.

OPEN MARKET RATES: The rupee firmly held the overnight levels in terms of the dollar for buying and selling at Rs 154.20 and Rs 154.50 respectively, they said. The rupee also did not show any change in terms of the euro for buying and selling at Rs 166.50 and Rs 168.00 respectively, they said.

In the final US trade, the euro bounced against the greenback on Friday as US stocks declined from record highs, though concerns about growth in the eurozone are expected to keep weighing on the single currency.

Anxiety about the impact of the coronavirus on the European economy this week helped send the euro to its lowest levels against the dollar in 2-1/2 years.

A report on Friday that Fiat Chrysler plans to close a plant in Serbia due to a lack of parts added to fears that ties to China leave Europe's economy vulnerable.

The euro fell to $1.0826, the lowest since May 2017, before rebounding to $1.0842. It has fallen from $1.1095 on Feb. 3.

The euro came off its lows as US stocks declined from record highs reached on Thursday.

A stronger US economic outlook has supported the greenback, while it has also benefited from a popular trade in which investors borrow in the euro to invest in higher-yielding US assets.

========================
Open Bid       Rs 154.20
Open Offer     Rs 154.50
========================

RUPEE IN LAHORE: The Pak rupee showed strength and gained 25-paisa on buying side and 10-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 remained under selling pressure. As a result, the dollar ended lower at Rs 154.00 and Rs 154.40 as its buying and selling rate against the overnight closing of Rs 154.25 and Rs 154.50, respectively.

On the contrary, the rupee remained weak and lost its worth on buying side while it appreciated on selling side against the pound sterling. The pound was traded at Rs 200.00 and Rs 200.70 on buying and selling counters as compared to previous closing of Rs 199.20 and Rs 200.90, respectively, the dealers said.

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

The dollar opened at Rs 154.50 (buying) and Rs 154.60 (selling) against last rate of Rs 154.70 (buying) and Rs 154.80 (selling).

It closed at Rs 154.50 (buying) and Rs 154.60 (selling).

The buying and selling rates of one tola of gold were Rs 91,100 (selling) and Rs 91,000(buying) in the local Sarafa (gold) markets of twin cities of Islamabad and Rawalpindi.

Copyright Business Recorder, 2020