THE RUPEE: further gains

The rupee improved further against the dollar on the money market on Saturday in the process of trading, dealers said. The rupee showed further gains versus the dollar, picking up 10 paisas for buying and selling at Rs 106.60 and Rs 106.80 respectively, they said. The rupee also went up sharply in relation to the euro, gaining Rs 1.10 for buying and selling at Rs 125.00 and Rs 128.00 respectively.
OPEN MARKET RATES: At the week-end, the US dollar was set for its biggest one-day gain against a basket of major currencies so far this year after a strong US July payrolls report and comments from National Economic Council director Gary Cohn about lowering the US corporate tax rate.
The dollar index, which measures the greenback against six major rivals, jumped about 1 percent to a one-week high of 93.774 after the Labour Department said non-farm payrolls increased by 209,000 jobs last month and Cohn's comments. It was last up 0.7 percent at 93.529.
Cohn told Bloomberg TV on Friday that the 35 percent US corporate tax rate should be more in line with the 24 percent average rate among other countries in the Organization for Economic Cooperation and Development.

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Open Bid       Rs.106.60

Open Offer     Rs.106.80

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RUPEE IN LAHORE: The Pakistani rupee moved both ways versus the US dollar on the local currency market on Saturday.
According to currency dealers, the US dollar continued to move both ways amid divergent trend in the currency market.
At the close, it ended at Rs 106.50 and Rs 107.30 on buying and selling side, respectively, as compared to the overnight trend of Rs 106.80 and Rs 107.15 respectively, they added.
The local currency, however, remained strong for the second consecutive day against the pound sterling. The pound's buying and selling rates further slid from Friday's closing rates of Rs 139.00 and Rs 140.00 to Rs 138.50 and Rs 139.40 respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The value of dollar was unchanged against the rupee at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 107.10 (buying) and Rs 107.20 (selling) against last rate of Rs 107 (buying) and Rs 107.10 (selling). It closed at Rs 107.10 (buying) and Rs 107.20 (selling).
Copyright Business Recorder, 2017