The rupee showed slight changes in terms of the dollar on the money market on Saturday in the process of trading activity, dealers said. The rupee was unchanged against the dollar for buying at Rs 122.50 while it shed 30 paisas for selling at Rs 123.80, they said. The rupee dropped sharply in relation to the euro for buying and selling at Rs 139.25 and Rs 143.00, they said.
OPEN MARKET RATES: In the final US trade, the dollar fell on Friday after Federal Reserve Chair Jerome Powell said he sees little risk that inflation is poised to accelerate beyond the central bank's target but that steady interest rate hikes are the best way to protect the US economic recovery for now.
The dollar was also hit by moves by the People's Bank of China to stabilize the yuan, which had been under broad pressure amid trade tensions between the United States and China.
The dollar index, which measures the greenback against a basket of six other major currencies, fell a quarter of a percent from its position at 10:00 a.m. EDT when Powell's remarks were made public. It was last at 95.145, down 0.64 percent.
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Open Bid Rs.122.50
Open Offer Rs.123.80
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RUPEE IN LAHORE: The Pak rupee remained under pressure and registered decline against major currencies in the open currency market on Saturday.
After a long break due to Eid holidays, the dollar resumed trading on a healthy note and kept on soaring throughout the day following fresh buying. At close of trading, the dollar ended higher at Rs 121.35 and Rs 122.50 against the previous closing of Rs 120.40 and Rs 122.00 on buying and selling side, respectively.
Similarly, the rupee stayed weak and depreciated against the British pound that was purchased and sold at Rs 153.50 and Rs 155.00 as compared to Rs 150.70 and Rs 152.50 of pre-holidays trading session.
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 112.50 (buying) and Rs 122.60 (selling) against same last rate. It closed at Rs 112.50 (buying) and Rs 122.60 (selling).
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