KARACHI: The rupee recovered more ground versus the dollar on the money market on Saturday in process of trading, dealers said. The rupee 60 paisas in term of the greenback for buying and selling at Rs 106.80 and Rs 107.20, dealers said. While, the local currency gained sharply against the euro for buying and selling at Rs 113.00 and Rs 114.50, they said.
Analysts, however, said the dollar's weakness was just a short-term correction, a much-needed one, after a strong rally in the wake of Donald Trump's victory in the US presidential election on November 8. The dollar index posted its first weekly fall in four weeks against a currency basket, but was still up 1.7 percent for the year. The US currency also slid against the Japanese yen, hitting session lows after the jobs data, but showed gains for a fourth consecutive week.
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Open Bid Rs 106.80
Open Offer Rs 107.20
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The trading of the US dollar resumed on a depressed note amidst buyers' lack of interest during the day's trading session. At the close of trading, the dollar further ended lower at Rs 105.80 and Rs 106.00 on buying and selling sides, respectively, as compared to Friday's closing rates of Rs 106.80 and Rs 107.40, said the local currency dealers.
On the contrary, the local currency recovered its day earlier losses versus the British pound. The pound's buying and selling rates declined from the overnight closing rates of Rs 134.10 and Rs 135.10 to Rs 133.60 and Rs 135.00, respectively, the dealers added.
The dollar resumed trading at Rs 107 (buying) and Rs 107.50 (selling) against overnight value of Rs 108 (buying) and Rs 108.10 (selling).
It did not observe further change in evening session and closed at Rs 107 (buying) and Rs 107.50 (selling).
Pound Sterling opened at Rs 135 (buying) and Rs 135.10 (selling) against last rate of Rs 136 (buying) and Rs 136.10 (selling).
It did not observe further change in the second session and closed at Rs 135 (buying) and Rs 135.10 (selling).