THE RUPEE: rising trend persists

The rupee extended overnight gains against the dollar on the money market on Saturday in the process of trading activity, dealers said. The rupee gained 10 paisas more versus the dollar for buying and selling at Rs 106.90 and Rs 107.00 respectively, they said.
OPEN MARKET RATES: The rupee also picked up 25 paisas in relation to the euro for buying and selling at Rs 125.75 and Rs 127.00, they said.
At the New York closing session, the dollar was little changed against a basket of currencies, shaking off early weakness, after data showed US consumer prices rose less than expected in September, pointing to muted inflation that could worry Federal Reserve officials.
The Labor Department said on Friday its Consumer Price Index jumped 0.5 percent last month after advancing 0.4 percent in August. Economists polled by Reuters had forecast a 0.6 percent increase.
September's increase was the biggest in eight months, but it stemmed mostly from soaring gasoline prices after hurricane-related production disruptions at Gulf Coast area oil refineries. Underlying inflation remained muted.

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Open Bid       Rs 106.90

Open Offer     Rs 107.00

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RUPEE IN LAHORE: The Pak rupee remained strong for the second consecutive day versus the US dollar in the local currency market on Saturday.
According to currency dealers, the dollar resumed trading on a negative note and maintained declining trend amidst lack of buyers' interest in the market. Consequently, it further slid to Rs 107.00 and Rs 107.25 for buying and selling, respectively, as compared to the overnight closing rates of Rs 107.15 and Rs 107.35 respectively, they added.
Furthermore, the local currency stayed unchanged on buying side whereas it depreciated on selling side in relation to the pound sterling.
At the close, no change in its value took place on buying counter as it maintained its opening trend of Rs 141.20. However, it appreciated by 10 paisas on selling counter and ended at Rs 142.10 against Friday's closing rate of Rs 142.00, they said.
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 106.70 (buying) and Rs 107 (selling) against same last rate. It closed at Rs 106.70 (buying) and Rs 107 (selling).
Copyright Business Recorder, 2017