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The rupee continued slide versus the dollar on the money market on Saturday and it's most likely that it may breach the barrier of Rs 131 in the near term, dealers said.
To control the demand and supply position of dollar, the Stake Bank of Pakistan (SBP) is taking cautionary measures, marketmen said.
The outcome of efforts made by central bank may come out in the coming days, they said.
OPEN MARKET RATES: The rupee failed to halt erosion in terms of the dollar, losing 20 paisas for buying and selling at Rs 130.20 and Rs 130.70, they said. The rupee lost sharply against the euro for buying and selling at Rs 149.80 and Rs 152.30, they said.
In the final US trade, the dollar fell across the board on Friday, as the latest comments by US President Donald Trump complaining about the strength of the greenback and the rise in US interest rates squashed a rally that took it to a one-year high the previous session.
The US currency extended losses in afternoon trading after CNBC reported that Trump was worried the Federal Reserve will raise interest rates twice more this year.
The dollar index, a measure of its value against a basket of six major currencies, erased three days of gains. Against the yen, the dollar recorded its largest daily fall since February.
The latest report, which cited a White House official, followed Trump's criticism on Thursday of the Fed's interest rate policy and the strong dollar, saying that it could hurt the US economy.



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Open Bid Rs.130.20
Open Offer Rs.130.70
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RUPEE IN LAHORE: The Pak rupee maintained downward trend for the sixth consecutive day in terms of trading against the US dollar in the local currency market on Saturday.
According to currency dealers, the short supply phenomenon of the greenback prevailed for another day in the currency market which helped its further appreciation for buying and selling at Rs 130.20 and Rs 130.70 as compared to the overnight closing rates of Rs 129.70 and Rs 130.50 respectively.
Likewise, the local currency also followed the same suit versus the pound sterling. The pound's buying and selling rates slipped from Friday's closing of Rs 165.20 and Rs 166.20 to Rs 166.70 and Rs 167.70 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The US dollar maintained its value against Pakistani rupee at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 130 (buying) and Rs 130.10 (selling) against same last rate. It closed at Rs 130 (buying) and Rs 130.10 (selling).
Copyright Business Recorder, 2018

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