THE RUPEE: sharp recovery

KARACHI: The rupee recovered more ground versus the dollar on the money market on Saturday in process of trading, dealers said. The rupee 60 paisas in term of the greenback for buying and selling at Rs 106.80 and Rs 107.20, dealers said. While, the local currency gained sharply against the euro for buying and selling at Rs 113.00 and Rs 114.50, they said.
OPEN MARKET RATES: At the week-end, the dollar fell broadly on Friday after posting gains the last three weeks as a solid, but not spectacular, US non-farm payrolls report stirred doubts about the path of rate increases next year.
Analysts, however, said the dollar's weakness was just a short-term correction, a much-needed one, after a strong rally in the wake of Donald Trump's victory in the US presidential election on November 8. The dollar index posted its first weekly fall in four weeks against a currency basket, but was still up 1.7 percent for the year. The US currency also slid against the Japanese yen, hitting session lows after the jobs data, but showed gains for a fourth consecutive week.

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Open Bid      Rs 106.80

Open Offer    Rs 107.20

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RUPEE IN LAHORE: The Pakistani rupee remained strong for the third consecutive day against the US dollar in local currency market on Saturday.
The trading of the US dollar resumed on a depressed note amidst buyers' lack of interest during the day's trading session. At the close of trading, the dollar further ended lower at Rs 105.80 and Rs 106.00 on buying and selling sides, respectively, as compared to Friday's closing rates of Rs 106.80 and Rs 107.40, said the local currency dealers.
On the contrary, the local currency recovered its day earlier losses versus the British pound. The pound's buying and selling rates declined from the overnight closing rates of Rs 134.10 and Rs 135.10 to Rs 133.60 and Rs 135.00, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee showed a recovery of rupee one against the dollar at currency exchange shops of Islamabad and Rawalpindi here on Saturday.
The dollar resumed trading at Rs 107 (buying) and Rs 107.50 (selling) against overnight value of Rs 108 (buying) and Rs 108.10 (selling).
It did not observe further change in evening session and closed at Rs 107 (buying) and Rs 107.50 (selling).
Pound Sterling opened at Rs 135 (buying) and Rs 135.10 (selling) against last rate of Rs 136 (buying) and Rs 136.10 (selling).
It did not observe further change in the second session and closed at Rs 135 (buying) and Rs 135.10 (selling).
Copyright Business Recorder, 2016