An easier trend prevailed on the money market on Saturday as the rupee drifted lower against the dollar in the process of trading activity, dealers said. The rupee failed to maintain firmness in terms of the dollar, shedding 10 paisas for buying and selling at Rs 112.30 and Rs 112.60 respectively, however it gained 10 paisas in terms of the euro for buying and selling at Rs 139.00 and Rs 141.00 respectively, they added.
OPEN MARKET RATES: In the final New York trade, the dollar remained weak against a basket of currencies on Friday, bruised by comments by senior US officials this week backing a weak dollar, and was on pace for its worst weekly fall since June.
The dollar index, which measures the greenback against a basket of six major currencies, was down 0.33 percent at 89.1 and on track for a weekly fall of 1.6 percent.
The euro was up 0.15 percent against the greenback at $1.2413, after hitting a more than three-year high of $1.2536 on Thursday.
"$1.25 in euro-dollar is a critical level and it's got a lot of sticker shock associated with it," said Greg Anderson, global head of FX strategy at BMO Capital Markets.
"There were probably a lot of options barriers and lots of stops up there that people would love to take out. You would expect to see acceleration in volatility," he said.
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Open Bid Rs 112.30
Open Offer Rs 112.60
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RUPEE IN LAHORE: The Pak rupee moved both ways in relation to the American dollar in the local currency market on Saturday.
According to currency dealers, the US dollar resumed trading on a divergent note amidst fluctuating demand and supply situation in the market. At the close, it was ended at Rs 112.15 and Rs 112.55 for buying and selling, respectively, as compared to the overnight closing rates of Rs 112.25 and Rs 112.45, they added.
In addition, the national currency registered a considerable gain against the pound sterling.
The pound's buying and selling rates slid from Friday's closing of Rs 159.15 and Rs 160.00 to Rs 148.40 and Rs 159.40 respectively, 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 112.25 (buying) and Rs 112.35 (selling) against last rate. It closed at Rs 112.25 (buying) and Rs 112.35 (selling).
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