THE RUPEE: Steady trend

26 Jan, 2020

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 dollar rose to a near eight-week high against the euro on Friday as lukewarm European PMI data added to the broader market conviction that European central bank policymakers will maintain a loose monetary policy for the near future.

Euro zone business activity remained lacklustre with the IHS Markit's Euro Zone Composite Flash Purchasing Managers' Index (PMI), seen as a good gauge of economic health, holding at 50.9 in January but missing the median prediction in a Reuters' poll for 51.2.

That followed an earlier PMI from Germany, Europe's largest economy, which showed the private sector gained momentum. The euro was 0.21% lower against the greenback at $1.1029.

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Open Bid Rs.154.60

Open Offer Rs.154.90

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According to the currency dealers, the dollar resumed trading on a healthy note and registered gain following buyers' interest. At close of trading, the dollar ended higher at Rs 154.50 and Rs 154.75 as its buying and selling rate against the overnight closing of Rs 154.35 and Rs 154.70, respectively.

However, the rupee showed stability and remained unchanged on buying side while it was improved on selling side against the pound sterling. The pound was traded at Rs 201.40 and Rs 202.40 on buying and selling counter against the day earlier closing of Rs 201.40 and Rs 202.40, respectively, the dealers said.

The dollar opened at Rs 155.35 (buying) and Rs 155.45 (selling) against last rate of Rs 155.30 (buying) and Rs 155.40(selling).

It closed at Rs 155.35 (buying) and Rs 155.45 (selling).

The buying and selling rates of one tola of gold were Rs 90,300 (selling) and Rs 90,000 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.

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