THE RUPEE: slight gains

The rupee managed to gain modest ground against the dollar on the money market on Saturday in process of trading activity, dealers said. The rupee picked up 10 paisas in terms of the dollar for buying and selling at Rs 138.70 and Rs 139.20, they said. The rupee appreciated versus the euro for buying and selling at Rs 157.50 and Rs 159.30, they said.
OPEN MARKET RATES: In final US trade, the Japanese yen jumped on Friday as investors sought protection against volatile stock moves, while the greenback dipped as stocks ended a dramatic week capped by large price swings.
The benchmark S&P 500 tested its 20-month low early in the week and was at the brink of bear market territory before the three main indexes roared back with their biggest daily surge in nearly a decade on Wednesday and a late rally on Thursday.
The yen gained despite soft domestic data and a decline in benchmark Japanese bond yields, which fell back into negative territory for the first time in more than a year.

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Open Bid       Rs.138.70

Open Offer     Rs.139.20

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RUPEE IN LAHORE: The Pak rupee recovered on buying side while it stayed unchanged on selling side in relation to the greenback in the local currency market on Saturday.
According to currency dealers, the greenback depreciated by 20 paisas and ended lower for buying at Rs 138.60 against the overnight closing rate of Rs 138.80 whereas it firmly held its opening trend for selling at Rs 139.60.
Moreover, the rupee-pound sterling parity stayed unchanged amidst sluggish trend in the market. Consequently, the pound did not witness and change in its demand and supply situation as it firmly sustained its opening rate for buying and selling at Rs 174.50 and Rs 175.80 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 138.90(buying) and Rs 139(selling) against same last rate. It closed at Rs 138.90(buying) and Rs 139(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.
Copyright Business Recorder, 2018