THE RUPEE: dollar gains more ground

Dollar managed to gain further ground against rupee on the money market on Saturday, dealers said.
OPEN MARKET RATES: The rupee shed 50 paisas in terms of the dollar for buying and selling at Rs 149.00 and Rs 150.00 respectively, they said. The rupee, however, picked up 50 paisas against the euro for buying and selling at Rs 165.00 and Rs 167.80 respectively, they said.
In the final US trade, the dollar rose on Friday as concern about next week's European parliamentary elections dented demand for the euro, while the British pound dropped to a four-month low on worries about Britain's exit from the European Union.
The dollar has been favoured as a safe-haven currency even as the trade war between the United States and China escalates.
The euro has been hurt this week by Italian Deputy Prime Minister Matteo Salvini's comments that European Union rules harm his country.
Salvini said on Thursday that he would "tear apart" rules that are "strangling" Italy if his party scores well in the elections.
The euro briefly pared losses after the White House said President Donald Trump is delaying a decision for as long as six months on whether to impose tariffs on imported cars and parts to allow for more time for trade talks with the EU and Japan.

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Open Bid       Rs.149.00

Open Offer     Rs.150.00

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RUPEE IN LAHORE: The Pak rupee maintained downward slide for another day and lost 20-paisa on buying side and 30-paisa on selling side in relation to the greenback in the local currency market on Saturday.
According to the currency dealers, the dollar resumed trading on a healthy note and kept on rising following increasing demand. At closing of trading, the dollar ended further higher at Rs 149.70 and Rs 150.80 as its buying and selling rate against the overnight closing of Rs 149.50 and Rs 150.50, respectively, they said.
However, the rupee recovered some of its earlier loss and appreciated its worth against the pound sterling. The pound's buying and selling rate declined from the last Friday closing of Rs 188.00 and Rs 190.00 to Rs 187.80 and Rs 189.00, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar maintained its strong position against the Pak rupee at the local currency markets of Islamabad and Rawaplindi on Saturday.
The dollar resumed trading at Rs 150 (buying) and Rs 150.10 (selling) against last rate of Rs 152 (buying) and Rs 152.10 (selling). The value of dollar increased to Rs 152 during day and finally closed at Rs 152 (buying) and Rs 152.10 (selling).
The buying and selling rates of one tola of gold was over Rs 72,000 (selling) and Rs 71,900 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.
Copyright Business Recorder, 2019