Steadier trend was seen on the currency market on Saturday as the rupee maintained overnight levels against the dollar in the process of trading activity, dealers said.
OPEN MARKET RATES: The rupee did not show any change versus the greenback for buying and selling at Rs 156.00 and Rs 157.00 respectively, they said. The rupee gained sharply against the euro for buying and selling at Rs 170.00 and Rs 175.00 respectively, they said.
In the final US trade, the dollar advanced on Friday, posting sharp gains against the safe-haven yen as stock markets recovered globally and investors cheered efforts made by governments and policymakers to address the economic fallout from the coronavirus outbreak.
The greenback extended gains against several currencies after a blowout in swap spreads on Thursday signalled that investors want dollars. While those spreads came in on Friday, the dollar held strong.
But market participants said signs of dollar funding stress persist and policymakers probably need to do more.
======================== Open Bid Rs.156.00 Open Offer Rs.157.00 ========================
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained Re one against the rupee at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 158 (buying) and Rs 158.50 (selling) against last rate of Rs 157 (buying) and Rs 158 (selling).
It closed at Rs 158 (buying) and Rs 158.50 (selling). The buying and selling rates of one tola of gold were Rs 98,700 (selling) and Rs 98,500 (buying) in the local Sarafa (gold) markets of twin cities of Islamabad and Rawalpindi.