The rupee resisted more decline against the dollar on the currency market on Saturday in the process of trading, dealers said. The rupee maintained overnight levels in relation to the dollar each for buying and selling counters at Rs 106.70 and Rs 107.00 respectively. It, however, lost 40 paisas against euro for buying and selling at Rs 121.30 and Rs 122.30 respectively.
OPEN MARKET RATES: At the week-end, the dollar fell against a basket of major currencies on Friday, after weaker-than-forecast data on consumer prices and retail sales in June raised doubts about US economic growth and whether the Federal Reserve would raise interest rates again in 2017.
US consumer prices were unchanged in June and retail sales fell for a second straight month, pointing to tame inflation and soft domestic demand.
Economists had forecast the CPI edging up 0.1 percent last month. Its drop of 0.1 percent in May and the lack of a rebound in June could trouble Fed officials who have largely viewed the recent moderation in price pressures as transitory.
"The CPI data begs the question, at what point does transitory becomes something that is more sustained, in terms of the softness," said Richard Franulovich, senior currency strategist at Westpac Banking Corp in New York.
The dollar index, which tracks the greenback against six major rivals, was down 0.6 percent to 95.152 after earlier falling to 95.132, its lowest since September 2016.
US interest rates futures rose as traders pared their view the Federal Reserve would increase rates again in 2017. Malaysian ringgit and the greenback was at 6.781 versus the Chinese yuan.
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Open Bid Rs 106.70
Open Offer Rs 107.00
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Open market Rates: Open market Rates For Dollar on Saturday.
RUPEE IN LAHORE: The Pak rupee appreciated on buying side while it stayed unchanged on selling side against the US dollar in the local currency market on Saturday.
The trading activity of the US dollar resumed on its overnight trend of Rs 106.70 and Rs 107.20 as its buying and selling rates respectively.
At the close, it appreciated by 10-paisa on buying counter and ended at Rs 106.70. However, no change in its value took place on selling counter as it sustained its opening trend of Rs 107.20, said local currency dealers.
Furthermore, the local currency remained under pressure for the third consecutive day versus the pound sterling.
The pound's buying and selling rates further drifted from Friday's closing rates of Rs 137.20 and Rs 137.85 to Rs 138.30 and Rs 139.10 respectively, they added.
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 106.40 (buying) and Rs 106.50 (selling) against same last rate. It closed at Rs 106.40 (buying) and Rs 10650 (selling).
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