KARACHI: Modest recovery was witnessed on the money market on Saturday as the rupee moved higher against the dollar in the process of trading, dealers said.
The rupee gained 10 paisas in terms of the dollar for buying and selling at Rs 105.90 and Rs 106.10, they said.
Open market rates: The rupee, however, shed 20 paisas in relation to the euro for buying and selling at Rs 113.00 and Rs 114.50, they said. At the weekend, the euro weakened against the US dollar as investors braced for Sunday’s first round of a tight French presidential election.
The euro was down 0.14 percent against the dollar at $1.0699, off the session low of $1.0683. The common currency was 0.33 percent lower against the yen and down 0.27 percent against the Swiss franc.
Opinion polls suggest that France’s election will likely come down to a second-round duel between independent centrist Emmanuel Macron and Marine Le Pen, head of the anti-European Union and anti-immigrant National Front.
Polls showing Macron in pole position ahead of the vote and an upbeat Purchasing Managers’ Index survey from France helped steady investors’ nerves somewhat and the euro was still on pace for its best week in 11 against the dollar.
Still, the options markets suggest investors are concerned about the chances of strong results for far-right candidate Le Pen and far-left rival Jean-Luc Melenchon.
The dollar, which has been pressured lately by weaker-than-expected economic data and worries about the Trump administration’s ability to pass tax and fiscal stimulus legislation, rose on Friday as traders squared up positions ahead of the weekend.
Open Bid Rs 105.90
Open Offer Rs.106.10
Rupee in Lahore: The Pakistani rupee moved both ways against the major currencies including the greenback and British pound in the local currency market on Saturday.
The currency dealers said the greenback resumed trading on a mixed pattern as it moved both ways during the day’s trading session amidst divergent trend.
At the close, it was traded at Rs 106.05 and Rs 106.20 on buying and selling sides, respectively, as compared to the overnight closing rates of Rs 106.00 and Rs 106.25 respectively, the dealers said.
Likewise, the local currency also followed the same suit versus the pound sterling. The British currency was bought and sold at Rs 134.70 and Rs 135.60 against Rs 134.50 and Rs 135.70 on Friday, respectively, they said.
Rupee in Islamabad and Rawalpindi: The value of rupee was unchanged against the dollar at the open currency markets of Islamabad and Rawalpindi here on Saturay.
The dollar opened at Rs 106.25 (buying) and Rs 106.35 (selling) against. Pound Sterling opened at Rs 130 (buying) and Rs 131.50 (selling). It closed at the same rate.—Business Recorder