THE RUPEE: falling trend

A declining trend was seen in the value of the rupee against the dollar on the money market on Saturday in the process of trading, dealers said. The rupee in relation to the dollar dropped 20 paisas for buying at Rs 106.20 and lost 10 paisas for selling at Rs 106.40, while in terms of euro it gained 5 paisas for buying and selling at Rs 120.25 and Rs 121.30 respectively.
OPEN MARKET RATES: At the week-end, the dollar gained on Friday after a report showed the US economy created far more jobs than expected in June and previous months, keeping the Federal Reserve on track to raise interest rates at least one more time this year.
Following the report, the dollar rose to two-month highs against the yen, in its largest weekly percentage gain since late April. The greenback also climbed to a more than one-week peak against sterling.
Friday's data showed U.S. non-farm payrolls rose 222,000 last month, beating economists' expectations of a 179,000 gain. Data for April and May was revised to show 47,000 more jobs created than previously reported.
"The above-consensus payroll figure will augment the Fed's decision to begin balance sheet reduction sooner than later," said Charlie Ripley, investment strategist at Allianz Investment Management in Minneapolis.

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Open Bid       Rs 106.20

Open Offer     Rs 106.40

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Open market Rates: Open market Rates For Dollar on Saturday.

RUPEE IN LAHORE: The Pak rupee failed to sustain as it depreciated against the US dollar in the local currency market on Saturday.
The dollar observed fresh buying owing to the short supply phenomenon in the in the market throughout the trading session. As a result, it appreciated to Rs 106.35 and Rs 106.65 on buying and selling side as compared to the overnight closing rates of Rs 106.05 and Rs 106.35 respectively, local currency dealers said.
On the other hand, the national currency showed mixed patterns as it moved both ways by 10-paisa versus the pound sterling. The pound was bought and sold at Rs 105.70 and Rs 136.50 against Rs 135.60 and Rs 136.60 of Friday, they added.
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 106 (buying) and Rs 106.20 (selling) against the same last rate. It closed at Rs 106. (buying) and Rs 106.20 (selling) in the second session.
Copyright Business Recorder, 2017