THE RUPEE: modest recovery

The rupee managed to recover modestly against the dollar on Saturday in the process of trading, money experts said. The rupee recovered 10 paisas against the dollar for buying and selling at Rs 116.50 and Rs 116.80 respectively, and it also managed to pick-up five paisas versus the euro for buying and selling at Rs 142.75 and Rs 144.25 respectively, they added.
In the final NY trade, the dollar was little changed against a basket ofOPEN MARKET RATES: major currencies on Friday as traders waited for more clarity on a possible Western military intervention in Syria. The dollar index, which measures the greenback against a basket of six major currencies, was 0.03 percent higher at 89.78.
"It had looked to many investors that the world was headed for a trade war and an escalating risk of war in Syria," Marc Chandler, global head of currency strategy at Brown Brothers Harriman in New York, said in a note.
"But now it seems less clear," he said. The prospect of Western military action in Syria hung over the Middle East but there was no clear sign a US-led attack was imminent. "We are seeing really tight trading bands," said Michael Diaz, head of FX for foreign exchange service XE, in Orange County, California.
While Syria-related worries might have subsided a little, "we are really looking for some geopolitical certainty," said Diaz.

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Open Bid       Rs.116.50

Open Offer     Rs.116.80

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RUPEE IN LAHORE: The Pak rupee showed strength as it recovered its earlier losses versus the American dollar in the local currency market on Saturday.
According to currency dealers, the US dollar resumed trading on a negative note following lack of buyers' interest in the market. As a result, the dollar ended lower for buying and selling at Rs 116.30 and Rs 116.90 as compared to the overnight closing trend of Rs 116.60 and Rs 117.00 respectively, they added.
On the contrary, the local currency failed to sustain its earlier recoveries as it registered reduction against the pound sterling. Consequently, the pound's buying and selling rates rose from Friday's closing of Rs 163.20 and Rs 164.00 to Rs 164.30 and Rs 165.30 respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The value of rupee against the dollar remained unchanged at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 116.70 (buying) and Rs 116.80 (buying) against same last rate. It closed at Rs 116.70 (buying) and Rs 116.80 (buying).
Copyright Business Recorder, 2018