THE RUPEE: firm trend

A firmer trend was seen on the money market on Saturday as the rupee held the overnight level against the dollar in the process of trading, dealer said. The rupee was unmoved in relation to the dollar for buying and selling at Rs 105.10 and Rs 105.30, they said. The rupee, however, lost 20 paisas versus the euro for buying and selling at Rs 118.25 and Rs 119.25, they added.
OPEN MARKET RATES: At the week-end, the US dollar hit its highest level against the yen in more than three weeks on Friday on expectations of a potential summer Federal Reserve interest rate hike, while the dollar edged lower against the euro after profit-taking.
The dollar hit 110.58 yen, its highest level against the Japanese currency since April 28. Analysts said minutes from the Fed's April meeting released Wednesday indicating a June rate hike was firmly on the table were still supporting the dollar. Some analysts also said it was unlikely that Group of 7 countries would reject potential Japanese plans to weaken the yen at a G7 meeting of finance leaders this weekend in Sendai, Japan.

========================

Open Bid       Rs 105.10

Open Offer     Rs.105.30

========================

RUPEE IN LAHORE: The rupee remained weak and depreciated its worth in relation to the US dollar on the local currency market on Saturday.
According to the currency dealers, the dollar was opened on a positive note and registered gain against the local currency during the day's trading. At close, the dollar further finished higher at Rs 105.80 and Rs 106.00 on buying and selling sides, respectively as compared with the overnight closing of Rs 105.75 and Rs 105.85, the dealers said.
On the other hand, the local currency recovered its earlier loss and registered improvement against the British pound. The pound's buying and selling rates further declined from the Friday's closing of Rs 153.15 and Rs 154.30 to Rs 152.50 and Rs 153.70, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee recovered against the dollar at local currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar resumed trading at Rs 105.50 (buying) and Rs 106 (selling) against last rate of 105.60 (buying) and Rs 106.10 (selling). It did not observe further change in the last trading hours and closed at Rs 105.50 (buying) and Rs 106 (selling).
Pound Sterling opened at Rs 151.60 (buying) and Rs 152 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 151.60 (buying) and Rs 152 (selling).
Copyright Business Recorder, 2016