The rupee showed little changes against the dollar on the money market on Saturday in the process of trading activity, dealers said.
OPEN MARKET RATES: The rupee shed 10 paisas in terms of the dollar for buying at Rs 154.10 and it did not show any change for selling at Rs 154.40, they said. The rupee fell sharply 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 US dollar fell across the board on Friday after a survey of purchasing managers showed US business activity in the manufacturing and services sectors stalled in February and as investors fretted over the fast-spreading coronavirus.
The IHS Markit flash services sector Purchasing Managers' Index dropped to 49.4 this month, the lowest since October 2013 and signaling that a sector accounting for roughly two-thirds of the US economy was in contraction for the first time since 2016. Economists polled by Reuters had forecast a reading of 53.
The euro was 0.68% higher against the greenback. Business activity in the euro zone picked up more than expected this month, a business survey showed on Friday, in welcome news for policymakers at the European Central Bank, who are trying to revive growth and chronically low inflation.
Open Bid Rs 154.10
Open Offer Rs 154.40
RUPEE IN LAHORE: The Pak rupee showed stability and remained unchanged on buying side while it gained 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 at its day earlier closing of Rs 154.00 and Rs 154.60 on buying and selling side, respectively. The dollar did not observe any change in its buying rate that stayed unchanged at Rs 154.00. However, because of lacking buyers' interest, the dollar could not sustain on selling side and declined to Rs 154.40.
On the contrary, the rupee remained under pressure and depreciated its worth against the pound sterling. The pound's buying and selling rate improved from the Friday closing of Rs 198.30 and Rs 199.30 to Rs 198.50 and Rs 199.70, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 15 paisa against the rupee at the open currency markets of Islamabad and Rawalpindi here on Saturday. The dollar opened at Rs 154.65(buying) and Rs 154.75 (selling) against last rate of Rs 154.50 (buying) and Rs 154.60(selling).
It closed at Rs 154.65 (buying) and Rs 154.75 (selling). The buying and selling rates of one tola of gold were Rs Rs 94,900 (selling) and Rs 94,500(buying) in the local Sarafa (gold) markets of twin cities of Islamabad and Rawalpindi.