The rupee maintained its present appreciation against the dollar on Saturday in the process of trading activity, dealers said. Commenting on the continued rise in the value of the rupee, President of the Forex Association of Pakistan (FAP) Malik Bostan said the rupee started showing its muscles on the back of easy supply of dollars. To keep the rupee at a realistic level, recently, the State Bank of Pakistan (SBP) providing dollars, which helped national currency to recover lost ground versus the US currency, he observed.
The second reason behind the appreciation is expectations for loans and funds from Islamic countries, other experts said.
In the final NY trade, the US dollar leaped to its highest levels this year against a basket of currencies on Friday, despite disappointing US employment data for April.
The US economy added fewer jobs than expected and although the unemployment rate dropped to near a 17-1/2-year low of 3.9 percent, this was because some jobless Americans left the labour force.
The dollar index jumped to 92.90, the highest level since December 28. The greenback also broke above parity with the Swiss franc, rising as high as 1.0022 francs.
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Open Bid Rs.116.70
Open Offer Rs.117.20
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The greenback resumed trading on a negative and maintained declining trend for another day amidst fresh supply in the market. Consequently, it ended for buying and selling at Rs 116.80 and Rs 118.00 as compared to the overnight closing trend of Rs 117.70 and Rs 118.50 respectively, local currency dealers said.
Likewise, the national currency also followed the same suit against the pound sterling. The pound's buying and selling rates further slipped from Friday's closing of Rs 158.80 and Rs 161.00 to Rs 155.00 and Rs 156.50 respectively, they added.
The dollar opened at Rs 117.50 (buying) and Rs 117.60 (selling) against last rate of Rs 118.50 (buying) and Rs 118.60 (buying). It closed at Rs 117.50 (buying) and Rs 117.60 (selling).