The rupee maintained upward trend against the dollar on the money market on Saturday in the process of trading activity, dealers said. The rupee picked up 10 paisas in terms of the dollar for buying at Rs 139.50 and the local currency rose by 20 paisas for selling at Rs 139.80, they said. The rupee also gained sharply against the euro for buying and selling at Rs 157.50 and Rs 159.25 respectively, they said.
OPEN MARKET RATES: In the final US trade, the dollar gained on Friday as investors sought the currency's safety amid persistent equity market volatility and a possible US government shutdown.
The dollar had fallen two straight days after the US Federal Reserve on Wednesday flagged fewer interest rate hikes for the next two years.
The safe-haven Japanese yen gained versus the dollar on overall market anxiety. On the week, the yen had its best weekly performance in percentage terms since February.
US President Donald Trump conceded on Friday there was a good chance the Senate would not approve his demand for $5 billion toward funding his border wall project and a government shutdown would probably begin at midnight.
The news undermined Wall Street shares, with the S&P 500, already on pace for its worst December since the Great Depression, hitting its lowest since August 2017. The Dow Jones industrial average fell to its weakest since October 2017, while the Nasdaq sank to a 15-month low, flirting with bear market territory for a second day in a row.
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Open Bid Rs.139.50
Open Offer Rs.139.80
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RUPEE IN LAHORE: The Pak rupee showed strength as it recovered its earlier losses versus the major foreign currencies including the greenback and the British pound in the local currency market on Saturday.
Following lack of buyers' interest in the market, the greenback depreciated by 40 paisas and ended lower for buying and selling at Rs 139.10 and Rs 140.10 against the overnight closing trend of Rs 139.50 and Rs 140.50 respectively, local currency dealers said.
Likewise, the local currency also followed the same suit in relation to the pound sterling. The pound's buying and selling rates slipped from Friday's closing of Rs 174.90 and Rs 176.20 to Rs 174.80 and Rs 176.00 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee recovered 20 paisas against the dollar on the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 139.70 (buying) and Rs 139.80 (selling) against last rate of Rs 139.90 (buying) and Rs 140 (selling). It closed at Rs 139.70 (buying) and Rs 139.80 (selling).
The buying and selling rates of one tola of gold was Rs 67,200 (selling) and Rs 67,000 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.
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