The rupee recovered overnight losses against the dollar on Saturday in process of trading activity, dealers said. The rupee recovered 10 paisas in relation to the dollar for buying and selling at Rs 131.20 and Rs 131.70 respectively, they said. The national currency also gained five paisas in terms of the euro for buying at Rs 148.70, it, however, lost 75 paisas for selling Rs 150.75, they said.
OPEN MARKET RATES: In the final US trade, the US dollar rose to a two-month high of 96.860 against a basket of major currencies in morning trading on Friday after US headline third-quarter gross domestic product data exceeded estimates.
The US economy slowed less than expected in the third quarter as the strongest consumer spending in nearly four years and a surge in inventory investment offset a tariff-related drop in soybean exports. GDP increased at a 3.5 percent annualized rate, the Commerce Department said on Friday in its first estimate.
US President Donald Trump's protectionist policies took 1.8 percent off of the GDP figure, said Greg Anderson, global head of FX strategy at BMO Capital Markets.
The GDP report also showed the Fed's preferred inflation gauge, the personal consumption expenditures (PCE) price index excluding food and energy, missed expectations after it increased 1.6 percent in the third quarter. The core PCE price index rose at a 2.1 percent pace in the April-June period.
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Open Bid Rs.131.20
Open Offer Rs.131.70
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RUPEE IN LAHORE: The Pak rupee stayed unchanged on buying side while it depreciated on selling side in relation to the greenback in the local currency market on Saturday.
According to currency dealers, the greenback firmly held its opening trend for buying at Rs 130.50 whereas it appreciated by 50 paisas for selling at Rs 131.50 against the overnight closing rate of Rs 131.00.
Moreover, the local currency registered appreciation versus the pound sterling. The pound's buying and selling rates declined from Friday's closing trend of Rs 167.50 and Rs 169.00 to Rs 166.50 and Rs 168.00 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained against the rupee at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 131.75 (buying) and Rs 131.85 (selling) against last rate of Rs 131.45 (buying) and Rs 131.55 (selling). It closed at Rs 131.75 (buying) and Rs 131.85(selling).
The buying and selling rates of gold were Rs 60,250 per tola (selling) and Rs 60,100 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi here on Saturday.
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