The rupee managed to recover modest ground against the dollar on the money market on Saturday in process of trading session, dealers said.
In the final US trade, the dollar rallied on Friday on bullish economic data and hit a two-week high against the euro as expectations of central bank stimulus weighed on the single currency.
US homebuilding fell for a third straight month in July amid a steep decline in the construction of multi-family housing units, but a jump in permits to a seven-month high offered hope for the struggling housing market.
Better-than-expected retail sales data in the United States on Thursday also encouraged buying of the dollar.
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Open Bid Rs.158.70
Open Offer Rs.159.20
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Bid Rate Rs.158.65
Offer Rate Rs.158.70
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According to the currency dealers, the dollar resumed trading on a healthy note and kept on rising following fresh demand throughout the day. At close of trading, the dollar ended further higher at Rs 159.15 and R2 160.00 as its buying and selling rate against the overnight closing of Rs 159.00 and Rs 159.70, respectively.
Similarly, the local currency remained under pressure during the entire day trading and lost its worth against the pound sterling. The pound's buying and selling rate further improved from the Friday closing of Rs 191.20 and Rs 192.50 to Rs 191.60 and Rs 192.60, respectively, the dealers said.
The dollar opened at Rs 159.50 (buying) and Rs 159.60 (selling) against last rate of Rs 159.80 (buying) and Rs 159.90 (selling).
It closed at Rs 159.50(buying) and Rs 159.60(selling).
The buying and selling rates of one tola of gold remained as Rs 89,000(selling) and Rs 89,800(buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.