Deep uncertainty existed on the open market on Saturday in the process of trading activity, dealers said. They said that open currency market was highly volatile due to strong demand of dollar by small investors and buyers. Rupee was trading at Rs 142.50 and Rs 143.00 in terms of dollar, dealers said.
Commenting on the rupee's slide versus the dollar, Forex Association of Pakistan (FAP), chairman said that for the last two days, the currency market was highly volatile in the absence of a deal or agreement between the government and the International Monetary Programme (IMF).
On television programmes, some economists were predicting rupee's depreciation against dollar under the IMF programme, which apparently caused panic buying of dollar, he observed.
He requested the government and country's economic managers that they must issue a policy statement with a view to easing market tensions.
RUPEE IN LAHORE: The Pak rupee remained under pressure and depreciated its worth against the major currencies including the US dollar and the British pound in the local currency market on Saturday.
According to the currency dealers, the dollar resumed trading on a healthy note and kept on rising following fresh demand. At close of trading, the dollar ended higher at Rs 143.20 and Rs 143.50 as its buying and selling rate against the overnight closing of Rs 142.50 and Rs 142.90, respectively.
Similarly the rupee maintained downward slide for the second consecutive day and declined against the pound sterling. The pound's buying and selling rates were improved from last Friday closing of Rs 184.20 and Rs 185.50 to Rs 184.60 and Rs 186.00, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 80paisa against the rupee at the local currency markets of Islamabad and Rawaplindi on Saturday.
The dollar opened at Rs 142 (buying) and Rs 142.10(selling) against last rate of Rs 141.20 (buying) and Rs 141.30 (selling). It closed at Rs 142 (buying) and Rs 142.10(selling).
The buying and selling rates of one tola of gold was Rs 68,000 (selling) and Rs 67,800 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.
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