THE RUPEE: mixed trend

The rupee showed mixed trend against the dollar on the money market on Saturday in the process of trading, dealers said.
OPEN MARKET RATES: The rupee drifted lower against the dollar, shedding 20 paisas for buying at Rs 121.50 while it did not move any side for selling at Rs 122.50, they said. The rupee gained Rs 3.50 against the euro for buying at Rs 136.00, and it also gained one rupee for selling at Rs 141.00, they said.
In the final US trade, the euro sank to its lowest against the greenback in more than a year on Friday as a plunging Turkish lira sparked broad risk aversion, with investors worried about contagion to European banks.
Turkey's lira plummeted as much as 18 percent on Friday as worries about President Tayyip Erdogan's influence over monetary policy and worsening US relations snowballed into a market panic.
The euro was hurt after the Financial Times reported that the European Central Bank had concerns about banks in Spain, Italy and France and their exposure to Turkey's woes.
The euro dropped below technical support at $1.15 to $1.1414, down 0.97 percent on the day and the lowest since July 2017. Against the yen, the euro slid 1.35 percent to 126.30 yen, a more than two-month low.

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Open Bid       Rs.121.50

Open Offer     Rs.122.50

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RUPEE IN LAHORE: The Pak rupee maintained divergent trend for the second consecutive day versus the greenback in the local currency market on Saturday.
Following fluctuating buyers' interest in the market, the greenback continued to move both ways and ended for buying and selling at Rs 120.55 and Rs 122.30 as compared to the overnight closing rates of Rs 120.70 and Rs 121.95 respectively, local currency dealers said.
However, the national currency failed to hold its strength in process of trading against the pound sterling. The pound's buying and selling rates further rose from Friday's closing of Rs 151.00 and Rs 152.90 to Rs 151.60 and Rs 153.90 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee further gained Re.one against the dollar at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 120.50 (buying) and Rs 120.60 (selling) against last rate of Rs 121.50 (buying) and Rs 121.60 (selling). It closed at Rs 120.50 (buying) and Rs 120.60 (selling).
Copyright Business Recorder, 2018