THE RUPEE: rates inert

The rupee managed to hold last levels against the dollar for the second day on the money market on Saturday in the process of improved trading activity, dealers said.
OPEN MARKET RATES: The rupee was almost unchanged versus the dollar for buying and selling at Rs 141.70 and Rs 142.20 respectively, they said. The rupee was also unchanged in relation to the euro for buying and selling at Rs 157.50 and Rs 159.30 respectively, they said.
In the final US trade, the dollar fell against a basket of other currencies on Friday, after an overall strong US first-quarter growth report was overshadowed by soft inflation data. Gross domestic product increased at a 3.2 percent annualized rate in the quarter, the Commerce Department said in its advance GDP report, released on Friday, versus the 2.0 percent estimated by economists polled by Reuters.
The dollar, however, did not enjoy a boost from the report as traders focused on the core personal expenditures consumption price index figure, the Federal Reserve's preferred inflation gauge, which increased at only a 1.3 percent rate versus 1.8 percent in the prior quarter.

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Open Bid       Rs.141.70

Open Offer     Rs.142.20

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RUPEE IN LAHORE: The Pak rupee showed strength and gained 15-paisa while it lost 20-paisa on selling side in relation to the greenback in the local currency market on Saturday.
According to the currency dealers, the dollar resumed trading on a mixed note and moved both ways. At close of trading, the dollar ended at Rs 141.90 and Rs 142.50 as its buying and selling rate against the overnight closing of Rs 142.05 and Rs 142.30, respectively.
The rupee also remained strong and appreciated its worth against the pound sterling that was traded at Rs 182.50 and Rs 183.50 on buying and selling counter as compared to the previous closing of 182.30 and Rs 183.40, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 10 paisas against the rupee on the local currency markets of Islamabad and Rawaplindi on Saturday.
The dollar opened at Rs 141.90 (buying) and Rs 142 (selling) against last rate of Rs 141.80 (buying) and Rs 141.90 (selling). It closed at Rs 141.90 (buying) and Rs 142 (selling).
The buying and selling rates of one tola of gold was Rs 68,900 (selling) and Rs 68,700 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.
Copyright Business Recorder, 2019