No major changes were seen in the value of the rupee against the dollar on the money market on Saturday in the process of trading, dealers said. The rupee sustained overnight levels in relation to the dollar for buying and selling at Rs 105.80 and Rs 106.00 respectively, they said. The rupee followed the suit in terms of euro, depicting no variations for buying and selling at Rs 120.00 and Rs 121.00 respectively.
OPEN MARKET RATES: At the week-end, the US dollar recovered slightly, but posted its biggest quarterly decline against a basket of rival currencies in nearly seven years after hawkish signals from foreign central banks this week pressured the greenback further.
Investors have ramped-up expectations for tighter monetary policy from the European Central Bank, Bank of England and Bank of Canada after hints from officials this week.
This has made the greenback less attractive, in addition to skepticism that the Federal Reserve would be able to raise interest rates again this year given a recent batch of weak US economic data and doubts that US President Donald Trump could enact his pro-growth agenda.
The US dollar index, which measures the greenback against a basket of six major currencies, declined about 4.6 percent for the second quarter to mark its steepest quarterly percentage drop since the third quarter of 2010.
The euro accelerated more than 7 percent against the greenback for its biggest quarterly percentage gain since the third quarter of 2010. The euro racked up about 2 percent of its gains and the dollar index posted about 1.6 percent of its losses this week alone. The dollar gained about one percent against the Japanese yen over the quarter.
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Open Bid Rs 105.80
Open Offer Rs 106.00
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Open market Rates: Open market Rates For Dollar on Saturday.
RUPEE IN LAHORE: The Pak rupee remained under pressure in relation to the greenback in the local currency market on Saturday.
The dollar observed fresh buying that kept the local currency under pressure throughout the day.
The dollar's buying and selling rate improved from the overnight closing of Rs 106.00 and Rs 106.30 to Rs 106.10 and Rs 106.40, respectively.
Likewise, the rupee also stayed weak and failed to maintain its day earlier level against the pound sterling that was traded at Rs 136.50 and Rs 137.50; as compared with the previous closing of Rs 135.80 and Rs 136.80 on buying and selling counter, respectively.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained firm against the rupee at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 105.95 (buying) and Rs 106.10 (selling). It closed at the same rate. Buying and selling rates of British Pound remained Rs 136.50 (buying) and Rs 138.50 (selling).
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