THE RUPEE: firmness persists


—File Photo

KARACHI: The rupee held its present firmness against the dollar on the money market on Saturday in the process of trading, dealers said.

The rupee managed to hold overnight levels against the dollar for buying and selling at Rs 107.00 and Rs 107.20 respectively, however it lost 75 paisas against the euro for buying and selling at Rs 113.25 and Rs 114.75, they said.

OPEN MARKET RATES: At the week-end, the dollar slipped against a basket of major currencies after Federal Reserve Chair Janet Yellen said that raising interest rates this month would be appropriate as long as the economy continues to improve as expected. Yellen’s remarks follow hawkish comments in recent days from a slew of Fed speakers and cement a likely rate hike at the Fed’s next meeting on March 15.

Analysts said the rate increase had largely been priced in before Yellen’s comments, sending the dollar lower on Friday afternoon as some investors took profits. The dollar index, which measures the greenback against a basket of six major currencies, was down 0.7 percent. It is up about 0.4 percent this week and on Thursday, hit a seven-week high of 102.26. Futures traders now are pricing in an 86 percent chance of a Fed hike in March, up from 35 percent on Tuesday, according to the CME Group’s FedWatch Tool. Against the Japanese yen the greenback was down 0.24 percent. The euro rebounded from recent weakness to rise 0.93 percent against the dollar after a poll showed French far-right candidate Marine Le Pen’s chances in the country’s presidential election dimming.

 

Open Bid      Rs 107.00

 

Open Offer    Rs 107.20

 

RUPEE IN LAHORE: The Pak rupee remained unchanged on buying side while it depreciated by 20-paisa on selling side against the US dollar in the local currency market on Saturday.

According to currency dealers, the US dollar commenced trading on its overnight closing of Rs 107.00 and Rs 107.20 as its buying and selling rates, respectively. At the close, no change in its value took place for another day as it held its overnight trend of Rs 107.00 on buying counter. However, it registered appreciation and ended at Rs 107.40 on selling counter, they added.

Moreover, the local currency failed to keep upward trend as it registered reduction versus the pound sterling. The pound’s buying and selling rates rose from the Friday’s closing rates of Rs 130.40 and Rs 131.20 to Rs 130.80 and Rs 131.50, respectively, they said.

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

The dollar opened at Rs 108.10 (buying) and Rs 108.20 (selling) and it closed at the same rate. Pound Sterling opened at Rs 130 (buying) and Rs 131.50 (selling). It closed at the same rate by the end of second session.—Business Recorder