THE RUPEE: rates slide

An easier trend persisted on the money market on Saturday in the process of trading, dealers said. The rupee failed to hold overnight levels in terms of the dollar for buying and selling at Rs 105.70 and Rs 105.90 respectively, they said. The rupee also lost 50 paisas in relation to the euro for buying and selling at Rs 117.50 and Rs 119.00 respectively, they said.
OPEN MARKET RATES: At the week-end, the US dollar slipped against the safe-haven Swiss franc on nervousness ahead of next week's US presidential election, despite a solid US jobs report that supported expectations for a Federal Reserve rate hike next month. Traders largely looked past the US October non-farm payrolls report, which showed wage growth that reinforced bets of a rate hike in December, choosing to position themselves ahead of an increasingly uncertain race for the White House.

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Open Bid       Rs 105.70

Open Offer     Rs 105.90

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RUPEE IN LAHORE: The rupee-dollar parity remained unchanged for the second consecutive day amid sluggish trading trend in the local currency markets on Saturday.
According to the currency dealers, the US dollar resumed trading against its Friday's closing of Rs 105.90 and Rs 106.10 as its buying and selling rates, respectively. The dollar did not observe any change in its demand and supply situation which helped the local currency stabilize. As a result, its opening rates prevailed at close of trading, the dealers said.
On the other hand, the local currency remained under pressure against the pound sterling for the third consecutive day. The pound's buying and selling rates further went up from the day earlier closing rates of Rs 131.20 and Rs 132.00 to Rs 131.60 and Rs 132.20, respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The value of rupee against the dollar remained unchanged at local currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 105 (buying) and Rs 105.10 (selling) against same last rate. It did not observe further change in evening session and closed at Rs 105 (buying) and Rs 105.10 (selling).
Pound Sterling opened at Rs 132 (buying) and Rs 133 (selling). It did not observe further change in the second session and closed at Rs 132 (buying) and Rs 133 (selling).
Copyright Business Recorder, 2016