THE RUPEE: easier trend

The rupee failed to come out of overnight weakness against the dollar on the money market on Saturday in the process of trading activity, dealers said.
INTER-BANK MARKET RATES: The rupee shed 20 paisas in relation to the dollar for buying and selling Rs 158.50 and Rs 159.50 respectively, dealers said. The rupee, however, appreciated against the euro, picking up 50 paisas for buying at Rs 175.00 while, the local currency sustained overnight level for selling at Rs 177.50, they said.
In the final US trade, the yen and Swiss franc gained on Friday, as investors sought the safe-haven currencies due to nagging US-China trade war jitters, renewed political uncertainty in Italy and weak economic data around the world.
Deep liquidity and current account surpluses in Japan and Switzerland attract safe-haven flows to those currencies during times of geopolitical and economic stress.
The dollar index dipped 0.1% slipped to 97.545 and remained on course for its biggest weekly decline since June 21.
Sterling fell 0.5% to $1.2075 against the dollar and 0.7% versus the euro, which rose to 92.74 pence, after the UK's weak data.

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Open Bid       Rs.158.50

Open Offer     Rs.159.50

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RUPEE IN LAHORE: The Pak rupee showed strength and appreciated it worth against 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 sliding due to lacking interest on the part of buyers. At close of trading, the dollar ended lower at Rs 157.50 and Rs 159.00 as its buying and selling rate against the day earlier closing of Rs 158.60 and Rs 159.35, respectively.
On the contrary, the rupee remained under pressure and was declined against the pound sterling. The pound was traded at Rs 190.50 and Rs 192.00 on buying and selling counter as compared to Rs 190.35 and Rs 191.50, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 60 paisa against the rupee at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 160.20 (buying) and Rs 160.30 (selling) against last rate of Rs 159.60 (buying) and Rs 159.70 (selling).
It closed at Rs 160.20 (buying) and Rs 160.30 (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.
Copyright Business Recorder, 2019