The rupee showed its muscles against the dollar on the open market on Saturday in the process of trading, dealers said. In a single day rally, the rupee recovered Rs 1.10 in relation to the dollar for buying and selling at 98.20 and Rs 98.40, they said. The rupee, however, shed 50-paisa against the euro for buying and selling at Rs 135.50 and Rs 136.00.
OPEN MARKET RATES: At the week-end, the safe-haven US dollar edged higher on Friday, garnering support from a sell-off in equities around the world, as investors fretted about overstretched valuations.
Global equities fell to two-week lows, triggered by selling on Wall Street on Thursday. Wall Street stocks continued their decline on Friday, spurring a broad risk-averse environment that led to sell-offs in higher-yielding and emerging market currencies.
Open Market Rates: Open Market Rates For Dollar on Saturday.
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Bid Rate Rs 98.20
Offer Rate Rs 98.40
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RUPEE IN LAHORE: The national currency maintained upward move and was further improved against the greenback and pound sterling on the local currency market on Saturday.
According to the currency dealers, the dollar resumed trading on a negative sign and failed to sustain due to lacking buyers' interest. At close, the dollar was ended lower at Rs 98.40 and Rs 98.65 as its buying and selling rates against Rs 98.50 and Rs 99.00 of Friday, respectively.
Likewise, the rupee remained strong and was appreciated against the pound sterling. The pound's buying and selling rates were declined from overnight closing of Rs 165.00 and Rs 165.25 to Rs 163.00 and Rs 163.25, 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 98.50 (buying) and Rs 98.60 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 98.50 (buying) and Rs 98.60 (selling).
Pound Sterling opened at Rs 165 (buying) and Rs 165.50 (selling) against same last rate. It closed at the same rate without further change by the end of evening session.
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