THE RUPEE: rates slip

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SOURCEBusiness Recorder
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The rupee could not maintain firmness against the dollar on the money market on Saturday in the process of trading activity, dealers said. The rupee picked up 27 paisas versus the dollar for buying and selling at Rs 156.30 and Rs 156.35 respectively, they said.

OPEN MARKET RATES: The rupee shed 20 paisas in relation to the dollar for buying and selling at Rs 156.20 and Rs 156.70 respectively.

The rupee also dropped the same amount in terms of the euro for buying and selling at Rs 171.50 and Rs 173.50 respectively.

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Also Read: Rupee likely to depreciate in next 6 months: SBP

In the final US trade, the dollar was marginally lower on Friday against a basket of currencies, holding above a one-week low as a mixed report on the US jobs market in August reinforced the view of a slowing expansion and chances of more interest rate cuts from the Federal Reserve.

Fed Chair Jerome Powell did little to ruffle those expectations. At an overseas event on Friday, he cited risks in particular US-China trade tensions that may derail the current US economic expansion, which is the longest one on record.

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Open Bid       Rs.156.20

Open Offer     Rs.156.70

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RUPEE IN LAHORE: The Pak rupee recovered some of its earlier loss and gained 5-paisa on buying side and 75-paisa on selling side in relation to the greenback in the local currency market on Saturday.

According to the currency dealers, the dollar’s demand could not remain intact that helped rupee recovery. Due to lacking buyers’ interest, the dollar ended lower at Rs 156.25 and Rs 156.55 as its buying and selling rate against the overnight closing of Rs 156.30 and Rs157.30, respectively.

However, the rupee remained weak and lost its worth on buying side while it stayed unchanged on selling side against the pound sterling.

The pound was traded at Rs 191.40 and Rs192.50 on buying and selling counter as compared to day earlier closing of Rs 190.50 and Rs 192.50, respectively, the dealers said.

RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 20 paisas against the rupee at the open currency markets of Islamabad and Rawalpindi here on Saturday.

The dollar opened at Rs 157(buying) and Rs 157.10 (selling) against last rate of Rs 156.80 (buying) and Rs 156.90 (selling).

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It closed at Rs 157 (buying) and Rs 157.10 (selling).

The buying and selling rates of one tola of gold were Rs. 89,000 (selling) and Rs 88,500(buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.

(This news/article originally appeared in Business Recorder on September 9th, 2019)

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