THE RUPEE: firm trend

Steadier trend was again witnessed on the money market on Saturday as the rupee did not move any side against the dollar in the process of trading, dealers said. The rupee was firm in relation to the dollar for buying and selling at Rs 105.00 and Rs 105.20, they said.
OPEN MARKET RATES: The rupee, however, gained 25 paisas in terms of the euro for buying and selling at Rs 116.25 and it picked up 70 paisas for selling at Rs 117.50.
At the week-end, the US dollar hit a more than two-week high against a basket of major currencies after US inflation data boosted bets the Federal Reserve would raise interest rates in December, and touched a one-month high against sterling on worries over Britain's Brexit vote. The US Labour Department said its Consumer Price Index rose 0.2 percent last month. In the 12 months through August, the CPI increased 1.1 percent. The figures beat expectations of economists polled by Reuters.

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Open Bid       Rs 105.00

Open Offer     Rs 105.20

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RUPEE IN LAHORE: The Pak rupee slid against the US dollar on the local currency market on Saturday.
According to the currency dealers, the dollar resumed trading on a healthy note and kept on moving up following fresh buying. At close, the dollar ended higher at Rs 105.10 and Rs 105.40 on buying and selling side against Rs 104.90 and Rs 105.30 of Friday, respectively.
On the contrary, the rupee continued rising trend for the second consecutive day and further improved against the pound sterling.
The pound's buying and selling rate declined from the overnight closing of Rs 136.50 and Rs 137.50 to Rs 135.80 and Rs 137.00, respectively, they 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