Little changes were seen on the local money market on Saturday as the rupee moved slightly in relation to the dollar in the process of trading, dealers said.
OPEN MARKET RATES: The rupee was unmoved in terms of the dollar for buying at Rs 124.00 while it dropped by 10 paisas for selling at Rs 124.50, they said. The rupee gained 70 paisas in relation to the euro for buying Rs 142.80 and it also rose by 95 paisas for selling at Rs 144.05, they said.
In the final US trade, the US dollar rose broadly on Friday as US job growth surged in August, but investors remained jittery about a possible escalation of the US-Chinese trade conflict as US President Donald Trump threatened China with more tariffs.
US job growth accelerated in August and wages increased the most annually in more than nine years, the US Labour Department reported, offering the clearest signs yet that the economy has so far weathered the Trump administration's escalating trade war with China.
The Federal Reserve should keep raising US interest rates in light of Friday's strong jobs report, Dallas Fed President Robert Kaplan said on Friday.
The euro was 0.5 percent lower against the greenback, while the dollar rose 0.29 percent against the Japanese yen.
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Open Bid Rs.124.00
Open Offer Rs.124.50
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RUPEE IN LAHORE: The Pak rupee failed to hold its strength against the American dollar in the local currency market on Saturday.
According to currency dealers, the short supply the phenomenon of the US dollar prevailed throughout the trading session which helped its appreciation for buying and selling at Rs 124.15 and Rs 125.00 as compared to the overnight closing trend of Rs 124.10 and Rs 124.80 respectively.
Moreover, the national currency recovered by 10 paisas versus the pound sterling for buying at Rs 160.00 whereas it firmly held its opening trend for selling at Rs 161.00, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee gained 20 paisa against the dollar at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 124.30 (buying) and Rs 124.40 (selling) against last rate of Rs 124.50 (buying) and Rs 124.60 (selling). It closed at Rs 124.30 (buying) and Rs 124.40 (selling).
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