The rupee took a sigh of relief as after a long-time it managed to hold its levels against the dollar on the money market on Saturday in the process of trading activity, marketmen said. In the meantime, it is anticipated that the rupee is likely to come under pressure versus the dollar in the near future, they added.
OPEN MARKET RATES: The rupee maintained overnight level in terms of the dollar for buying at Rs 156.00 and it managed to gain 50 paisas for selling at Rs 157.00, they said. The rupee picked up 70 paisas in relation to the euro for buying and selling at Rs 171.50 and Rs 174.80 respectively, they said.
In the final US trade, the dollar index climbed to its highest in almost two weeks on Friday after encouraging retail sales data for May released ahead of a Federal Reserve policy meeting next week eased fears that the US economy is slowing sharply.
The Commerce Department said retail sales rose 0.5 percent last month, just below economists' expectations of a 0.6 percent gain. Data for April was revised up to show retail sales gaining 0.3%, instead of dropping 0.2 percent as previously reported.
The dollar index against a basket of currencies was last 97.35, up 0.53% on the day and the highest since June 3.
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Open Bid Rs 156.00
Open Offer Rs 157.00
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RUPEE IN LAHORE: The Pak rupee remained depressed and further depreciated against the major currencies including the greenback and pound sterling in the open currency market on Saturday.
According to the currency dealers, the dollar resumed trading on a healthy note and kept on rising following fresh buying. At close of trading, the dollar ended further higher at Rs 155.50 and Rs 157.00 on buying and selling counter against the overnight closing of Rs 153.70 and Rs 155.30, respectively.
The rupee showed stability and remained unchanged on buying side while it lost its worth on selling side in relation to the British pound. The pound was traded at Rs 192.60 and Rs 194.90 as its buying and selling rate against the day earlier closing of Rs 192.60 and Rs 194.50, respectively, the dealer said.
RUPEE IN ISLAMABAD AND RAWALPINDI: ISLAMABAD: The dollar gained 50 paisa against the rupee at the local currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 157.50(buying) and Rs 157.60 (selling) against last rate of Rs 157(buying) and Rs 157.10 (selling). It closed at Rs 157.50(buying) and Rs 157.60 (selling).
The buying and selling rates of one tola of gold was Rs 83,310 (selling) and Rs 83,000 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.
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