KARACHI: Steadier trend was again seen on the money market on Saturday as the rupee managed to retain week-long levels versus the dollar, dealers said. The rupee was unchanged in relation to the dollar for buying and selling at Rs 107.70 and Rs 107.90, they said.
OPEN MARKET RATES: The rupee extended overnight gains in terms of the euro, picking up 25 paisas for buying and selling at Rs 115.75 and Rs 117.25, they said. At the week-end, the dollar edged lower against yen and euro in choppy trading after the US employment report showed a smaller-than-expected rise in wages last month despite strong jobs gains, raising doubts about the strength of the economy.
The report though was positive overall, analysts said, and should keep the Federal Reserve on track for multiple rate hikes this year. Data showed that January non-farm payrolls rose by 227,000 jobs, the largest gain in four months. But the unemployment rate rose one-tenth of a percentage point to 4.8 percent and wages increased modestly, suggesting that there was still some slack in the labour market that would keep dollar-negative inflation in check.
There was also a downward revision to the December wage growth, suggesting the Fed might not rush to hike rates again. In morning trading, the dollar index, which tracks the greenback versus six top currencies, was flat at 99.821. Against the yen, the dollar was down 0.1 percent at 112.74 yen.
=======================
Open Bid Rs 107.70
Open Offer Rs 107.90
=======================
RUPEE IN LAHORE: The local currency failed to sustain as it registered reduction against the US dollar in the local currency market here on Saturday.
According to currency dealers, the US dollar commenced trading on a positive note amidst lack of buyers' interest in the market. At the close, it rose to Rs 107.70 and Rs 108.00 on buying and selling sides, respectively, as compared to the overnight closing rates of Rs 107.50 and Rs 107.90, respectively, they added.
Moreover, the local currency stayed unchanged on buying side while it further appreciated on selling side versus the pound sterling. The British currency was bought and sold at Rs 134.00 and Rs 134.80 against the Friday's closing rates of Rs 134.00 and Rs 135.00, respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee gained strength against the dollar at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 108.10 (buying) and Rs 108.20 (selling) against last rate of Rs 108.30 (buying) and Rs 108.40 (selling). Dollar closed at Rs 108.10 (buying) and Rs 108.20 (selling). Pound Sterling opened at Rs 130 (buying) and Rs 131.50 (selling). It closed at Rs 130 (buying) and Rs 131.50 (selling).
Comments
Comments are closed.