THE RUPEE: bears persist

KARACHI: An easier trend persisted on the money market on Saturday in the process of trading, dealers said. The rupee gave up 10 paisas versus the greenback for buying and selling at Rs 106.50 and Rs 106.70, they said. The rupee gained 20 paisas in relation to the euro for buying and selling at Rs 113.00 and Rs 114.50, they said.
OPEN MARKET RATES: At the week-end, the dollar rose to its highest level since April 2003 against a basket of currencies, marking its biggest two-week increase since March 2015 as traders piled bets on a massive dose of fiscal stimulus under a Trump US presidency. Also stoking the dollar rally were growing expectations the Federal Reserve would raise interest rates next month on signs of rising inflation and improved economic growth.

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Open Bid      Rs 106.50

Open Offer    Rs 106.70

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RUPEE IN LAHORE: The Pakistani rupee remained under pressure and drastically declined against the US dollar in the local currency market on Saturday.
The US dollar resumed trading on a healthy note and registered surge in its worth during the day's trading session. Following buyers' interest, the dollar ended higher at Rs 106.80 and Rs 107.10 on buying and selling sides, respectively, as compared to the Friday's closing rates of Rs 106.50 and Rs 106.80, the local currency dealers said.
Versus the pound sterling, the local currency remained strong for the second consecutive day as it further recovered by 30-paisa. The pound's buying and selling rates further decreased from day earlier closing of Rs 131.60 and Rs 132.60 to Rs 131.30 and Rs 132.30, respectively, the dealers 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