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

OPEN MARKET RATES: The rupee gained 10 paisas in terms of the dollar for buying and selling at Rs 154.00 and Rs 154.30, they said. The rupee moved slightly against the euro for buying and selling at Rs 168.70 and Rs 170.20, they said.

In the final US trade, the US dollar slid to a seven-week low against the Japanese yen on Friday after Federal Reserve Chair Jerome Powell suggested the central bank could cut interest rates in the wake of the coronavirus.

Powell on Friday said the central bank will "act as appropriate" to support the economy in the face of risks posed by the coronavirus outbreak, though he said the economy remained in solid condition.

The Japanese yen was on track for its largest daily gain since May 2017 as investors moved into the safe-haven currency. It had strengthened to as high as 107.52 versus the dollar and was last trading up 1.51% at 107.92.

The dollar index was last down 0.324% to 98.127, down about 1% this week on rising expectations of a rate cut. A cut of at least 25 basis points at the Fed's March meeting was fully priced in on Friday, versus expectations of 57.6% on Thursday. Some investors suggested the Fed could even cut rates sooner.

========================
Open Bid       Rs 154.00
Open Offer     Rs 154.30
========================

RUPEE IN LAHORE: The Pak rupee showed strength and registered a gain of 20-paisa on buying side and 25-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 pressure in the absence of buyers' interest. At close of trading, the dollar ended lower at Rs 153.80 and Rs 154.25 on buying and selling side against the overnight closing of Rs 154.00 and Rs 154.50, respectively.

Similarly, the rupee remained strong and appreciated its worth against the British pound. The pound's buying and selling rate declined from the Friday closing of Rs 197.20 and Rs 198.50 to Rs 195.90 and Rs 197.80, respectively, the dealers said.

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

The dollar opened at Rs 154.40 (buying) and Rs 154.45 (selling) against same last rate.

It closed at Rs 154.40 (buying) and Rs 154.45 (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.

Copyright Business Recorder, 2020