KARACHI: A kind of firmness prevailed on the money market on Saturday as the rupee managed to hold present levels versus the dollar in the process of trading, dealers said.
OPEN MARKET RATES: The rupee did not show any change in relation to the dollar for buying and selling at Rs 108.40 and Rs 108.60 respectively, but it picked up 25 paisas in terms of the euro for buying and selling at Rs 114.75 and Rs 116.25 respectively, they said.
At the weekend, the US dollar edged lower, putting in on track for its worst week since early November against a basket of currencies as traders grew uneasy about the scarcity of new information regarding US President-elect Donald Trump's economic policies.
The dollar index, which measures the greenback against a basket of six major currencies, was last down 0.16 percent at 101.190. The minor gains combined with losses on Wednesday and Thursday to lead to a roughly 1 percent drop for the week.
The index had gained earlier Friday, and the dollar had risen as much as 0.6 percent against the yen to a session high of 115.44 yen, after the Commerce Department said retail sales increased 0.6 percent in December and November's sales were revised up to show a 0.2 percent rise.
The gains wore off, however, and the dollar was last down 0.11 percent against the yen at 114.58 yen. The dollar was set to drop 2 percent against the yen for the week to mark its worst weekly showing since late July 2016.
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Open Bid Rs 108.40
Open Offer Rs 108.60
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RUPEE IN LAHORE: The Pak rupee appreciated versus the US dollar in the local currency market here on Saturday.
The trading activity of the US dollar resumed trading on a depressed note and remained under pressure during the day's trading session. However, it slid to Rs 108.40 and Rs 108.60 on buying and selling sides, respectively, as compared to the overnight closing rates of Rs 108.45 and Rs 108.70, respectively, said the local currency dealers.
Moreover, the Pakistani rupee improved by 15-paisa on buying side while depreciated by 35-paisa on selling side against the pound sterling.
The British currency was bought and sold at Rs 131.35 and Rs 132.35 against the Friday's closing rates of Rs 131.50 and Rs 132.00, respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The value of dollar against the rupee remained unchanged at currency exchange establishments of Islamabad and Rawalpindi here on Saturday.
The dollar resumed trading at Rs 108.50 (buying) and Rs 108.60 (selling) against same last rate. The dollar closed at Rs 108.50 (buying) and Rs 108.60 (selling).
Pound Sterling opened at Rs 131.50 (buying) and Rs 133 (selling). It did not observe further change in the second session and closed at Rs 131.50 (buying) and Rs 133 (selling).
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