The rupee sustained overnight levels against the dollar on the money market on Saturday in the process of trading, dealers said. The rupee firmly held the overnight levels in relation to the dollar for buying and selling at Rs 106.50 and Rs 106.70 respectively, they said.
OPEN MARKET RATES: The rupee also did not move any side in terms of the euro for buying and selling at Rs 124.00 and Rs 125.50 respectively, they said.
At the week-end, the dollar fell against a basket of major currencies as continued uncertainty over the economic agenda of US President Donald Trump pushed investors out of the greenback.
The dollar dropped to a four-month low against the yen in early trading but retraced some of its losses after rumours began to swirl about the impending firing of White House senior adviser Steve Bannon. The White House confirmed Bannon's exit in a statement Friday afternoon.
As Trump's chief strategist, Bannon has been seen as representing a right-wing political faction that critics have said encourages white supremacists like those involved in the deadly rioting last weekend in Charlottesville, Virginia.
Bannon has been also seen by some market participants as an opposing force to Trump's chief economic adviser, Gary Cohn, and Treasury Secretary Steve Mnuchin.
The dollar dropped nearly 1 percent against the yen, falling to 108.58 yen, its lowest since late April. It was last down 0.25 percent at 109.31 yen.
========================
Open Bid Rs.106.50
Open Offer Rs.106.70
========================
RUPEE IN LAHORE: The Pak rupee depreciated against the US dollar in the local currency market on Saturday.
The US dollar commenced trading on a negative note amidst slight changes in buyers' interest throughout the trading session in the currency market. At the close, it rose to Rs 106.50 and Rs 106.70 on buying and selling side, respectively, as compared to the overnight closing trend of Rs 106.45 and Rs 106.65 respectively, local currency dealers said.
On the contrary, the local currency showed strength as it registered appreciation versus the pound sterling.
The pound's buying and selling rates slid from Friday's closing rates of Rs 135.90 and Rs 136.60 to Rs 135.50 and Rs 136.50 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 107.10 (buying) and Rs 107.20 (selling) against same last rate. It also closed at the same rate in evening session.
Comments
Comments are closed.