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THE RUPEE: steadier trend

21 May, 2017

The rupee firmly held the overnight levels versus the dollar on Saturday in the process of trading, dealers said. The State Bank of Pakistan (SBP) in its Monetary Policy kept the policy rate unchanged at 5.75 percent. The rupee was unchanged against the dollar for buying and selling at Rs 105.80 and Rs 106.00, they said.
The dollar index, which tracks the greenback against a basket of six world currencies, has shed more than 2 percent this week. On Friday, it fell 0.75 percent, hitting its lowest since November 9, the day after the US election. Uproar over Trump's recent firing of FBI Director James Comey, who was overseeing an investigation into possible links between the president's team and Russia, has pressured the dollar. "The dollar overall, across the board, has been getting beat up this week and a lot of that has to do with the political risk here in DC," said John Doyle, director of markets at Tempus Inc in Washington.



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Open Bid      Rs.105.80
Open Offer    Rs.106.00
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According to the currency dealers, the greenback resumed trading on its overnight closing trend of Rs 106.00 and Rs 106.20 as its buying and selling rates, respectively.
At the close, no change in its value took place on buying counter as it maintained its opening rate of Rs 106.00.
However, following lack of selling spree, it appreciated on selling counter and ended at Rs 106.15, they added.
Furthermore, the national currency depreciated on buying side, however, it stayed unchanged on selling side versus the pound sterling.
The British currency was bought and sold at Rs 137.50 and Rs 138.00 against Friday's closing rates of Rs 137.10 and Rs 138.00 respectively, they said.
The dollar opened with 15 paisas losses at Rs 105.90 (buying) and Rs 106 (selling) against last rate of Rs 106.05 (buying) and Rs 106.15. It closed at Rs 105.90 (buying) and Rs 106 (selling). Pound Sterling opened at Rs 135 (buying) and Rs 135.50 (selling). It closed at the same rate.

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