As a result of balanced demand and supply of dollar, the rupee maintained firmness against the greenback on the currency market on Saturday, dealers said.
Money experts attributed the rise in the value of the rupee to slight fall in demand for the US currency, in the meantime, curiosity is rising among both buyers and seller that how the rupee perform next week to the International Monetary Fund's (IMF)'s reviews about the Pak economy and what proposals were suggested by the IMF. A host of negative developments in the basic fundamentals, dragging the rupee down versus the dollar, they said.
OPEN MARKET RATES: The rupee extended its overnight gains after picking up five paisa more against the dollar for buying and selling at 96.35 and 96.55, they said.
The national currency also gained 20 paisa against the euro for buying and selling at Rs 125.20 and Rs 126.20, they said. At the week-end, the euro rose to its highest in more than five weeks against the dollar, heading for its fourth straight month of gains, as investors clung to hopes that US politicians would reach a fiscal deal before the end of the year. The yen slumped and was on track for its worst month since February against the dollar on speculation that a likely change in Japan's government would lead to aggressive monetary easing.
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Open Buying Rs 97.35
Open Selling Rs 97.55
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RUPEE IN LAHORE: Easier trend was seen on the local currency market on Saturday amid low trading activity, dealers said. The Pak rupee was declined by 10 paisa on buying side at Rs 97.40 and it shed five paisa on selling side at Rs 97.65 against the US dollar, they said.
On the contrary, the rupee recovered some of its day earlier loss and was improved against the pound sterling. The pound was traded at Rs 153.75 and Rs 154.50 as compared to Friday closing of Rs 154.00 and Rs 154.60 on buying and selling counters, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged on the open currency markets of Islamabad and Rawalpindi here on Saturday. The dollar opened at Rs 96.9 (buying) and Rs 97 (selling) against same last rate. It did not observe further change in the evening session and closed at Rs 96.9 (buying) and Rs 97 (selling). Pound Sterling opened at Rs 153 (buying) and Rs 153.5 (selling) against same last rate. It did not observe further change in the evening session and closed at Rs 153 (buying) and Rs 153.5 (selling).
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