The rupee maintained rising trend versus the dollar on the money market on Saturday in the process of trading activity, dealers said.
OPEN MARKET RATES: The rupee extended overnight winning streak in relation to the dollar, picking up 10 paisas for buying and selling at Rs 154.50 and Rs 154.90 respectively, they said. The rupee also rose by 30 paisas in terms of the euro for buying and selling at Rs 171.30 and Rs 173.00 respectively, they said.
In the final US trade, the dollar The US dollar weakened across the board on Friday as optimism about the outlook for a US-China trade deal lifted investors’ appetite for risk, sapping safe-haven demand for the greenback, in light end-year trading. The dollar index, which measures the greenback against six other major currencies, was 0.6% lower at 96.951.
“The dollar has declined against a backdrop of coursing risk-on sentiment in global equity markets with investors anticipating the US-China Phase 1 trade deal to be signed-off on soon, which will come amid a world of expansive monetary policy and benign inflation,” analysts at Action Economics said in a note. Traders returned from their Christmas and Boxing Day break to digest comments from Beijing that it was in close contact with Washington about an initial trade agreement.
Earlier, US President Donald Trump had talked up a signing ceremony for the recently struck Phase one trade deal.
Open Bid Rs 154.50
Open Offer Rs 154.90
RUPEE IN LAHORE: The Pak rupee showed strength and appreciated its worth against the major currencies including the greenback and British pound in the local currency market on Saturday.
According to the currency dealers, the dollar resumed trading on a depressed note and remained under pressure due to lacking buyers’ interest. At close of trading, the dollar ended lower at Rs 154.70 and Rs 155.15 as its buying and selling rate against the overnight closing of Rs 154.90 and Rs 155.40, respectively.
Similarly, the pound could not maintain its upward slide and declined against the local currency in the absence of buying support. The pound’s buying rate dropped to Rs 200.55 and Rs 201.20 on buying and selling counter as compared to Friday closing of Rs 200.80 and Rs 202.00, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee recovered 20 paisas against the dollar at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 155.60 (buying) and Rs 155.70 (selling) against last rate of Rs 155.40 (buying) and Rs 155.50 (selling).
It closed at Rs 155.60 (buying) and Rs 155.70 (selling).
The buying and selling rates of one tola of gold were Rs 84,400 (selling) and Rs 84,200 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.