An upward trend persisted on the money market on Saturday as the rupee picked up modest gains against the greenback in the process of trading, dealer said. The rupee rose by 10 paisas versus the dollar for buying and selling at Rs 104.50 and Rs 104.70 respectively, they said. The rupee extended overnight gains, picking up 50 paisas in relation to the euro for buying and selling at Rs 117.25 and Rs 118.25 respectively, they added.
OPEN MARKET RATES: At the weekend, the yen and Swiss franc rose on Friday as oil prices slid and bank shares led global equity markets lower, stoking a fresh wave of bids for low-risk assets. Jitters about the June 23 referendum on Britain's membership in the European Union intensified the scramble for safe-haven investments, analysts said.
A poll by ORB for The Independent paper published on Friday showed the "Leave" camp had a 10-point lead over "Remain." The Swiss franc reached an eight-week peak against the euro at 1.0845 francs per euro. It was last up 0.5 percent at 1.0850 francs.
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Open Bid Rs 104.50
Open Offer Rs 104.70
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RUPEE IN LAHORE: The Pak rupee maintained rising trend and appreciated its worth in relation to the major currencies including the US dollar and the British pound on the local currency market on Saturday.
According to the currency dealers, the dollar commenced trading on a negative sign and remained under pressure due to lacking buyers' interest. As a result, the dollar ended lower at Rs 104.60 and Rs 105.00 on buying and selling sides as compared with the Friday's closing of Rs 104.80 and Rs 105.20, respectively.
Similarly, the rupee also remained strong and improved against the British pound for another day. The pound's buying and selling rate further declined from the overnight closing of Rs 150.00 and Rs 152.00 to Rs 148.30 and Rs 149.30, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee recovered 10 paisas against the dollar at local currency establishments 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).
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