THE RUPEE: firm trend

Firmness prevailed on the money market on Saturday as the rupee held overnight levels in the process of trading, dealers said. The rupee managed to sustain overnight levels against the dollar for buying and selling at Rs 106.00 and Rs 106.20 respectively, they said. The rupee gained 50 paisas in terms of the euro for buying and selling at Rs 117.00 and Rs 118.00 respectively, they added.
OPEN MARKET RATES: At the weekend, the dollar rallied across the board on Friday after data showed US employment increased more than expected in July and wages picked up, raising the probability of an interest rate hike from the Federal Reserve this year. The dollar hit one-week peaks against the euro and the Swiss franc, and turned positive versus the yen after the jobs data. The US non-farm payrolls increased by 255,000 jobs last month after an upwardly revised 292,000 surge in June. Economists polled by Reuters forecast an increase of 180,000 in July.

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Open Bid       Rs 106.00

Open Offer     Rs 106.20

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RUPEE IN LAHORE: The rupee remained under pressure and lost 10-paisa against the US dollar on the local currency market on Saturday.
The dollar resumed trading on a positive note and kept on rising following buying support. As a result, the dollar ended higher at Rs 105.80 and Rs 106.40 on buying and selling sides against the overnight closing of Rs 105.70 and Rs 106.30, , respectively.
Similarly, the rupee also remained weak and depreciated on buying side while it stayed unchanged on selling side versus pound sterling that was bought and sold at Rs 139.00 and Rs 140.00 compared with the Friday's closing of Rs 138.10 and Rs 140.00, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The value of rupee against the dollar remained unchanged at local currency establishments of Islamabad and Rawalpindi, here on Saturday.
The dollar opened at Rs 104.50 (buying) and Rs 105 (selling) against same last rate. It did not observe further change in evening session and closed at Rs 104.50 (buying) and Rs 105 (selling).
Pound Sterling opened at Rs 137.50 (buying) and Rs 138 (selling). It did not observe further change in the second session and closed at Rs 137.50 (buying) and Rs 138 (selling) by the end of second session.
Copyright Business Recorder, 2016