THE RUPEE: firm trend

The rupee sustained its present levels against the dollar on the money market on Saturday in the process of trading, experts said. The rupee showed no changes in terms of the dollar for buying and selling at Rs 111.50 and Rs 111.80 respectively, they said. The rupee, however, gained 70 paisas in relation to the euro for buying and selling at Rs 136.00 and Rs 137.50 respectively, they added.
OPEN MARKET RATES: In the final NY trade, the dollar rose against most currencies on Friday, bolstered by solid US economic data that further supported consensus expectations that the Federal Reserve will raise interest rates at next week's monetary policy meeting.
The dollar, however, fell to a more than one-week low against the yen, undermined by speculation that more top Trump administration officials could be replaced and concerns US trade tariffs could hurt the global economy.
These US-centric factors have rattled markets in recent days, pushing the dollar lower and leaving the yen as the main beneficiary.

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Open Bid       Rs.111.50

Open Offer     Rs.111.80

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RUPEE IN LAHORE: The Pak rupee witnessed divergent trend in terms of trading against the greenback in the local currency market on Saturday.
According to currency dealers, the demand and supply situation of the greenback continued to fluctuate throughout the trading session following divergent buyers' interest in the market. At the close, it was ended for buying and selling at Rs 111.20 and Rs 112.00 as compared to the overnight closing trend of Rs 111.40 and Rs 111.70 respectively, they added.
In addition, the national currency showed strength as it recovered its day earlier losses versus the pound sterling. Consequently, the pound's buying and selling rates slid from Friday's closing of Rs 154.50 and Rs 155.30 to Rs 153.70 and Rs 155.20 respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee picked up 40 paisa against the dollar at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 111.40 (buying) and Rs 111.50 (selling) against last rate of Rs 111.80 (buying) and Rs 111.90 (selling). It closed at Rs 11.40 (buying) and Rs 11.50 (selling).
Copyright Business Recorder, 2018