The rupee improved further against the dollar on the money market on Saturday in the process of trading dealers said. The rupee picked up 10 paisas in relation to the dollar for buying and selling at Rs 105.60 and Rs 105.80, they said.
OPEN MARKET RATES: The rupee also gained 30 paisas in terms of the euro for buying and selling at Rs 125.00 Rs 126.25, they said.
At the weekend, the dollar weakened against most major currencies, weighed down by an unexpected decline in US retail sales last month that once again dimmed expectations for an interest rate increase in December.
US retail sales unexpectedly fell in August as Hurricane Harvey likely depressed motor vehicle purchases, dropping 0.2 percent last month. Economists polled by Reuters had forecast retail sales nudging up 0.1 percent.
Looking ahead, the market is now focused on next week's Federal Open Market Committee meeting, in which the Fed is expected to start reducing its balance sheet. There is, however, zero expectation for an interest rate hike.
"The Fed's tone and stance during next week's FOMC statement and press conference will play a major role in setting expectations for interest rates, the Fed's balance sheet reduction plans, and the US dollar going forward," said James Chen, head of research at Forex.com in Bedminster, New Jersey.
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Open Bid Rs 105.60
Open Offer Rs 105.80
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RUPEE IN LAHORE: The Pak rupee recovered on buying side while it remained unchanged on selling side in terms of the American dollar in the local currency market on Saturday.
The US dollar resumed trading in its overnight closing trend of Rs 105.80 and Rs 106.10 as its buying and selling rates, respectively. At close of trading, it slid by 10-paisa on buying counter and ended at Rs 105.70. However, it did not witness any change on selling counter as it sustained its opening trend of Rs 106.10, said the local currency dealers.
In addition, the local currency showed mixed patterns as it moved both ways versus the pound sterling. The pound was bought and sold at Rs 141.80 and Rs 142.50 for buying and selling, respectively, as compared to Rs 141.70 and Rs 143.00 of Friday, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The value of rupee against the remained uncharged 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 closed at Rs 107.10 (buying) and Rs 107.20 (selling) in evening session.
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