THE RUPEE: easier trend

Declining trend continued on the open market on Saturday as the rupee fell modestly versus the dollar in the process of trading, dealers said. The rupee drifted lower in relation to the dollar, losing 10 paisas for buying and selling at Rs 106.20 and Rs 106.40 respectively, while it held the overnight levels in terms of the euro for buying and selling at Rs 118.00 and Rs 119.00 respectively, they added.
OPEN MARKET RATES: At the weekend, the US dollar weakened on Friday after US retail sales were unexpectedly flat in July, while producer prices also fell in the same month, contrary to expectations, raising concerns about the strength of third-quarter economic growth.
Economists had forecast overall retail sales to rise 0.4 percent. The drop in producer prices, meanwhile, was the first since March and the largest since September 2015. "The US retail sales data in particular is causing the dollar to weaken," said Nick Bennenbroek, head of currency strategy at Wells Fargo Securities in New York, adding that "producer prices are also signalling limited inflation.

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Open Bid       Rs 106.20

Open Offer     Rs 106.40

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RUPEE IN LAHORE: The Pak rupee parity appreciated in relation to the greenback at the local currency markets on Saturday.
According to currency dealers, the greenback opened at Rs 106.20 (buying) and Rs 106.50 (selling) against same overnight rates. The local currency recovered its earlier loss and closed at Rs 106.10 (buying) and Rs 106.25 (selling).
The pound was sold and purchased at Rs 137.80 and 139.25 as compared to Friday's rates of Rs 137.50 and 139.20, the dealers said.
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