The rupee showed weakness against the dollar at the end of financial year 2017-18, dealers said on the money market on Saturday.
Commenting on the performance of the Pak rupee versus the dollar during the out-going fiscal year 2017-18, President Forex Association of Pakistan (FAP) Malik Bostan said the Pak rupee has lost over 20 percent at Rs 124.50 as compared with the last year's value at Rs 104.60 against the dollar.
At the same time, he hopes, that the recovery in Amnesty Scheme likely to ease the supply of dollars in the coming days.
OPEN MARKET RATES: The rupee shed 10 paisas in terms of the dollar for buying and selling at Rs 124.00 and Rs 124.50 respectively, while the rupee depicted no change against the euro for buying and selling at Rs 142.50 and Rs 144.50 respectively, they said.
In the final NY trade, the dollar slipped to a three-day low against the euro on Friday after European Union leaders reached an agreement on migration that eased pressure on German Chancellor Angela Merkel, but the currency was set to log its best quarterly performance in six quarters.
European Union leaders on Friday claimed success in reaching a hard-fought agreement to control immigration even though it faced instant criticism as vague, hard to implement and a potential threat to human rights.
The euro was up 0.83 percent against the dollar at $1.1663.
The dollar index, which measures the greenback against a basket of six currencies, was down 0.76 percent at 94.663.
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Open Bid Rs.124.00
Open Offer Rs.124.50
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RUPEE IN LAHORE: The Pak rupee maintained downward trend for the second consecutive day against the major foreign currencies including the US dollar and pound sterling in the local currency market on Saturday.
According to currency dealers, the short supply phenomenon of the greenback prevailed for another day in the market which helped its further appreciation for buying and selling at Rs 124.45 and Rs 124.90 as compared to the overnight closing trend of Rs 123.80 and Rs 124.40 respectively.
Similarly, the local currency also followed the same suit in process of trading versus the pound sterling. Consequently, the pound's buying and selling rates further slipped from Friday's closing of Rs 160.00 and Rs 161.00 to Rs 161.60 and Rs 163.65 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained firm against the rupee at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs124 (buying) and Rs124.10 (selling) against same last rate. It closed at Rs124 (buying) and Rs124.10 (selling).
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