THE RUPEE: gives up early gains

The rupee failed to maintain overnight gains against the dollar on the currency market on Saturday in process of trading activity, dealers said. The rupee lost 50 paisas in relation to the dollar for buying and selling at Rs 133.20 and Rs 134.20, they said. The national currency, however, lost 90 paisas in terms of the euro for buying and selling at Rs 152.40 and Rs 154.40, they said.
OPEN MARKET RATES: In the final US trade, the euro and British pound rallied against the US dollar on Friday after Bloomberg News reported that British Prime Minister Theresa May is ready to drop a key Brexit demand in order to make a deal for Britain to leave the European Union (EU).
May is willing to drop a requirement on the issue of the Irish border, which has impeded the two parties coming to an agreement, Bloomberg reported, citing anonymous sources. EU negotiator Michel Barnier earlier said that a Brexit deal was 90 percent done, but warned that failure to resolve the Irish border question could derail any agreement.
The euro and sterling have been burdened this week by delays in the two parties reaching an exit deal. The single currency gained to $1.1512, after earlier falling to $1.1433, the lowest since October 9. It is down from $1.1621 on Tuesday. The euro has good technical support at $1.1422-$1.1432, Citigroup analysts said. Sterling rose to $1.3067, after earlier probing a two-week low of $1.3009.

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Open Bid       Rs.133.20

Open Offer     Rs.134.20

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RUPEE IN LAHORE: The Pak rupee registered reduction versus the major foreign currencies including the greenback and British pound in the local currency market on Saturday.
According to currency dealers, the short supply phenomenon of the greenback prevailed throughout the trading session which helped its appreciation for buying and selling at Rs 134.00 and Rs 134.60 against the overnight closing trend of Rs 133.70 and Rs 134.50 respectively.
Likewise, the rupee also followed the same suit in process of trading against the pound sterling. The pound's buying and selling rates rose from Friday's closing of Rs 172.00 and Rs 173.30 to Rs 172.70 and Rs 173.90 respectively, 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 133.80(buying) and Rs 133.90(selling) against same last rate. It closed at Rs 133.80(buying) and Rs 133.90(selling).
The buying and selling rates of gold were Rs 61,500 per tola (selling) and Rs 61,300(buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.
Copyright Business Recorder, 2018