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THE RUPEE: rates unchanged

BR Research 22 Sep, 2019

The rupee did not move any side against the dollar on the money market on Saturday in the process of trading activity, dealers said.
In the final US trade, the US dollar rose against a basket of currencies on Friday, for its first weekly increase in three, prompted by hopes of progress in US-China trade talks and that the Federal Reserve would not lower rates aggressively.
Sterling retreated from a two-month high versus the greenback after the Irish foreign minister said that London and the European Union were not yet close to a Brexit deal.
US and Chinese deputy trade negotiators are set to continue talks that began on Thursday in an effort to lay the groundwork for high-level discussions in early October that will determine whether the world's biggest economies can reach a trade deal.
While tariffs and worries about protracted supply-chain disruption have hampered global business activity, the US economy is still faring relatively well, analysts said.



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Open Bid       Rs.155.80
Open Offer     Rs.156.30
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According to the currency dealers, the dollar resumed on a depressed note and could not sustain due to lacking buyers' interest. At close of trading, the dollar ended lower at Rs 155.90 and Rs 156.50 as its buying and selling rate against the overnight closing of Rs 156.00 and Rs 157.00, respectively, the dealers said.
Likewise, the rupee staged recovery and improved against the pound sterling amid low trading activity. The pound was traded at Rs 193.15 and Rs 194.80 on buying and selling counter as compared to Friday closing of Rs 193.60 and Rs 195.50, respectively, the dealers added.
The dollar opened at Rs 156.60 (buying) and Rs 156.70 (selling) against last rate of Rs 156.70(buying) and Rs 156.80(selling).
It closed at Rs 156.60 (buying) and Rs 156.70 (selling). The buying and selling rates of one tola of gold were Rs 86,500 (selling) and Rs 86,000(buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.

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