THE RUPEE: stable trend

Firmness prevailed on the money market on Saturday as the rupee did not move any side against the dollar in the process of trading activity, dealers said. The rupee sustained its levels in relation to the dollar for buying and selling at Rs 105.70 and Rs 105.90 respectively, while the rupee lost 40 paisas against the euro for buying and selling at Rs 117.50 and Rs 118.50 respectively, they added.
OPEN MARKET RATES: At the weekend, the dollar dropped on Friday after data showed that the US economy grew at a slower pace than expected in the second quarter, while the Japanese yen soared after the Bank of Japan's stimulus plans under-whelmed investors. US gross domestic product increased at a 1.2 percent annual rate, the Commerce Department said. Economists polled by Reuters had forecast GDP growth rising at a 2.6 percent rate in the April-June period.

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Open Bid       Rs 105.70

Open Offer     Rs 105.90

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RUPEE IN LAHORE: The Pak rupee showed stable trend on buying side while it gained on selling side in relation to the greenback on the local currency market on Saturday.
According to the currency dealers, the dollar resumed trading on its day earlier closing of Rs 105.70 and Rs 106.25 as its buying and selling rate, respectively.
The dollar's buying rate stayed unchanged till close of trading. However, its selling rate declined to Rs 105.95, the dealers said.
On the contrary, the rupee remained under pressure and depreciated against the pound sterling. The pound's buying and selling rate was improved from the overnight closing of Rs 139.10 and Rs 140.10 to Rs 139.50 and Rs 140.20, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The value of rupee against the dollar remained unchanged at local currency establishments of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 104.50 (buying) and Rs 105 (selling) against same last rate. It did not observe further change in evening session and closed at Rs 104.50 (buying) and Rs 105 (selling).
Pound Sterling opened at Rs 137.50 (buying) and Rs 138 (selling). It did not observe further change in the second session and closed at Rs 137.50 (buying) and Rs 138 (selling) by the end of second session.
Copyright Business Recorder, 2016