THE RUPEE: rates improve

Further improvement was witnessed on the money market on Saturday as the rupee moved up versus the dollar in process of trading activity, dealers said. The rupee picked up more 20 paisas in terms of the dollar for buying and selling at Rs 141.30 and Rs 141.80, they said. The rupee was unchanged in relation to the euro for buying and selling at Rs 157.50 and Rs 159.05, they said.
OPEN MARKET RATES: In the final US trade, the dollar slipped against a basket of currencies on Friday as traders focused on the weaker aspects in the April US payrolls report, brushing aside a stronger-than-forecast in hiring and a drop in the jobless rate to an over 49-year low. Traders turned their attention to the modest 0.2% monthly pace of wage growth and the drop in the job participation rate, which analysts blamed for the catalysts for some selling in the greenback.

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Open Bid       Rs 141.30

Open Offer     Rs 141.80

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RUPEE IN LAHORE: The Pak rupee showed strength and appreciated its worth by 40-paisa on buying side and 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 depressed note and kept on moving down following diminishing demand. At close of trading, the dollar ended lower at Rs 141.20 and Rs 142.00 as its buying and selling rate against the overnight closing of Rs 141.60 and Rs 142.20, respectively.
On the contrary, the rupee remained weak and declined against the pound sterling that was purchased and sold at Rs 184.30 and Rs 185.70 as compared to the last Friday closing of Rs 183.00 and Rs 184.20, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 10 paisas against the rupee at the local currency markets of Islamabad and Rawaplindi on Saturday.
The dollar opened at Rs 141.80 (buying) and Rs 141.90 (selling) against last rate of Rs 141.70 (buying) and Rs 141.80 (selling). It closed at Rs 141.80 (buying) and Rs 141.90 (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