The rupee posted modest gains versus the dollar on the money market on Saturday in the process of trading, dealers said. The rupee picked up 10 paisas against the dollar for buying and selling at Rs 106.10 and Rs 106.30 respectively, they said. It also gained 55 paisas in terms of the euro for buying and selling at Rs 112.50 and Rs 114.00, they said.
OPEN MARKET RATES: At the week-end, the dollar was flat as a Federal Reserve official's seemingly dovish remarks and uninspiring data on the US economy "squelched" the sanguine mood from earlier this week.
The euro rebounded from a two-week trough, and the dollar fell to its low on the day against the Japanese yen after comments from New York Fed President William Dudley. Seen as one of the most important members of the Fed's rate-setting committee, Dudley said the central bank was in no rush to tighten monetary policy.
His comments followed less-than-stellar data on US consumer spending that showed that even as confidence hit its highest level in more than 16 years, Americans are still holding their wallets tightly. Consumer spending, which accounts for more than two-thirds of US economic activity, edged up just 0.1 percent last month. The dollar index, which tracks the greenback against six rival currencies, was little changed from its late Thursday levels at 100.39. Backed by early-week gains, however, it is headed for its best week since mid-February.
=======================
Open Bid Rs 106.10
Open Offer Rs 106.30
=======================
RUPEE IN LAHORE: The Pak rupee appreciated against the US dollar in the local currency market on Saturday.
According to the currency dealer, the US dollar resumed trading on a negative note amidst lack of buyers' interest in the market. Consequently, it slid to Rs 106.15 and Rs 106.45 on buying and selling sides, respectively, as compared to the overnight closing rates of Rs 106.30 and Rs 106.50 respectively, they added.
On the contrary, the local currency failed to hold its strength as it registered reduction versus the pound sterling. The pound's buying and selling rates went up from Friday's closing rates of Rs 131.65 and Rs 132.50 respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi here on Saturday. The dollar opened at Rs 106.50 (buying) and Rs 107 (selling). It closed at the same rate. Pound Sterling opened at Rs 130 (buying) and Rs 131.50 (selling). It closed at the same rate.
Comments
Comments are closed.