THE RUPEE: falling trend persists

The rupee continued decline against the dollar on the money market on Saturday in the process of trading, dealers said. The rupee failed to come out of the weakness versus the dollar, sliding 30 paisas for buying and selling at Rs 135.00 and Rs 135.30 respectively, they said. The domestic currency also lost 25 paisas in relation to the euro for buying and selling at Rs 152.75 and Rs 154.75 respectively, they said.
OPEN MARKET RATES: In the final US trade, the dollar rose on Friday, on pace for its biggest weekly percentage increase in a month, as risk appetite declined and investors sought the currency's safety following a steep drop in oil prices that suggested global growth is slowing. The safe-haven yen and Swiss franc also advanced.
The dollar's near-term outlook, however, has dimmed a little bit as some of the recent US economic numbers have come in weaker than expected and several Federal Reserve officials have struck a cautious tone on the economy. All told, investors are increasingly of the mindset that the Fed may be nearing the end of its tightening cycle.
The euro slumped on signs economic growth could be slowing across the euro zone, with worries about Brexit and Italy's budget negotiations also weighing on the single currency.

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Open Bid       Rs.135.00

Open Offer     Rs.135.30

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RUPEE IN LAHORE: The Pak rupee registered reduction versus the major foreign currencies including the greenback and British pound in the local currency market on Saturday.
The short supply phenomenon of the greenback prevailed for the third consecutive day in the market which helped its further appreciation for buying and selling at Rs 135.00 and Rs 135.60 against the overnight closing trend of Rs 134.50 and Rs 135.30 respectively, local currency dealers said.
Likewise, the rupee also followed the same suit in process of trading against the pound sterling. Consequently, the pound's buying and selling rates rose from the Friday's closing of Rs 171.50 and Rs 172.60 to Rs 171.80 and Rs 173.00 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 Rs 134.70(buying) and Rs 134.80 (selling) against same last rate. It closed at Rs 134.70 (buying) and Rs 134.80(selling).
The buying and selling rates of one tola of gold were Rs 61,400 (selling) and Rs 61,300 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.
Copyright Business Recorder, 2018