The rupee showed no change against the dollar on the money market on Saturday in the process of trading activity, dealers said.
OPEN MARKET RATES: The rupee did not show any change in relation to the dollar for buying and selling at Rs 160.00 and Rs 160.50 respectively, dealers said. While, the rupee gained slightly in terms of the euro for buying and selling at Rs 177.70 and Rs 179.50 respectively, they said.
In the final US trade, the dollar reached two-month peaks on Friday, as better-than-expected US growth data did not alter the view the Federal Reserve would soon lower rates for the first time in a decade.
The dollar's rise was also helped by widening yield differentials between US and German debt. Spreads were holding at two-month highs at 250.5 basis points.
Investors were disappointed by a lack of policy action from the European Central Bank at a meeting on Thursday.
Their attention will now shift to a Federal Reserve meeting next week, where policymakers are expected to cut interest rates by 25 basis points to 2.00%-2.25 percent.
While US gross domestic product slowed less than what economists polled by Reuters had forecast, it will likely not diminish the prevalent view among policymakers that a rate cut is needed to counter risk from trade conflicts and softening global demand, analysts said.
Data showed US GDP grew at a 2.1% annualized rate in the second quarter, weaker than the 3.1% pace in the first quarter but stronger than the 1.8% projected by economists polled by Reuters.
========================
Open Bid Rs.160.00
Open Offer Rs.160.50
========================
RUPEE IN LAHORE: The Pak rupee showed stability and remained unchanged on buying side while it lost 60-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 did not observe any change in buying rate that stayed glued to Rs 160.25 while its selling rate improved from previous closing of Rs 160.70 to Rs 161.30.
The rupee remained strong and appreciated its worth on buying side while it remained unchanged on selling side against the pound sterling that was traded at Rs 198.00 and Rs 200.00 on buying and selling rate against the Friday closing of Rs 199.00 and Rs 200.00 respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee recovered five paisas against the US dollar in the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 160.85 (buying) and Rs 160.95 (selling) against last rate of Rs 160.90 (buying) and Rs 161 (selling). It closed at Rs 160.85 (buying) and Rs 160.95 (selling).
The buying and selling rates of one tola of gold remained as Rs 84,200 (selling) and Rs 83,900 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.
Comments
Comments are closed.