KARACHI: The rupee almost held the overnight levels against the dollar on the money market on Saturday in the process of trading, dealers said. The rupee showed no change against the dollar for buying and selling at Rs 106.50 and Rs 106.70 respectively, however it lost 40 paisas in terms of the euro for buying and selling at Rs 113.00 and Rs 114.50 respectively, they said.
OPEN MARKET RATES: At the weekend, the euro hit a more than four-week high against the dollar after a report that the European Central Bank had discussed the possibility of raising interest rates before the end of its quantitative easing program. Sources told Reuters some ECB policymakers had suggested hiking rates from their current record lows before the end of QE stimulus, but that the discussion was brief, and the idea did not have broad support.
Merk noted multiple reports from euro zone countries supporting the premise that the economy is gaining traction. The ECB raised its growth and inflation targets for the euro zone in 2018 following its March meeting Wednesday. The euro rose more than 1.1 percent against the dollar to a high of $1.0698, its strongest since Feb 9. It was the euro's largest one-day gain since June 3, 2016. That helped the continental currency to its second consecutive weekly gain against the dollar.
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Open Bid Rs 106.50
Open Offer Rs 106.70
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RUPEE IN LAHORE: The Pakistani rupee remained under pressure for the second consecutive day against the US dollar in the local currency market on Saturday.
According to currency dealers, the US dollar commenced trading on a positive note and kept on rising during the day's trading session. Due to the short supply, it registered appreciation and further rose to Rs 106.70 and Rs 107.00 on buying and selling counters, respectively, as compared to Friday's closing rates of Rs 106.60 and Rs 106.75 respectively, they added.
On the contrary, the national currency showed strength as it recovered its day earlier losses against the pound sterling. The pound's buying and selling rates slid from overnight closing rates of Rs 128.80 and Rs 129.80 to Rs 128.40 and Rs 129.50 respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee managed to hold overnight levels against the dollar at the open currency markets of Islamabad and Rawalpindi here on Saturday. The dollar opened at Rs 107.50 (buying) and Rs 107.60 (selling). It closed at the same rates by the end of evening session. Pound Sterling opened at Rs 130 (buying) and Rs 131.50 (selling). It closed at the same rate.
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