THE RUPEE: dollar moves bothways

Bearish sentiment was seen in the iner-bank market on Saturday as the rupee shed two paisa against the dollar for buying and selling at Rs 60.74 and Rs 60.75, dealers said.
It was expected that the rupee may face slight devaluation against dollar ahead of announcement of the federal budget (2007-08), which is likely next week, they said.
In the world market dollar gained slightly at the weekend after a report, showing the US economy added 157,000 new jobs in May, above the median forecast, suggesting the Federal Reserve may have to hold rates steady for some time. But the dollar swiftly turned lower after lower than expected US core inflation reading.
OPEN MARKET RATES: The rupee gained three paisa against the dollar for buying and selling at Rs 60.85 and Rs 60.92 in process of trading, dealers said. The rupee followed suit against euro, picking up eight paisa for buying and selling at Rs 81.66 and Rs 81.76, respectively.

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Kerb Buying             Rs 60.85

Kerb Selling            Rs 60.92

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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Saturday.

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Buying                Rs 60.74

Selling               Rs 60.75

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RUPEE IN LAHORE: The rupee lost five paisa in relation to dollar in Lahore currency markets on Saturday. According to dealers, the dollar resumed trading at overnight levels of Rs 60.85 and Rs 60.95 for buying and selling, respectively. In the course of trading, the dollar moved up and closed at Rs 60.90 and Rs 61.00 for buying and selling, respectively, they said.
Similarly, the rupee remained under pressure and lost 45 paisa against pound sterling. The pound's buying rate improved from Friday's closing of Rs 120.00 to Rs 120.45 while its selling rate increased from Rs 120.30 to Rs 120.75, dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against dollar at the currency markets of Islamabad and Rawalpindi on Saturday.
The dollar opened at Rs 60.80 (buying) and Rs 60.90 (selling) against same previous rate. It did not observe further change in the evening spell and closed at Rs 60.80 (buying) and Rs 60.90 (selling).
Pound sterling opened at Rs 119.80 (buying) and Rs 119.90 (selling) against same previous rate. It did not observe any change in the second spell and closed at Rs 119.80 (buying) and Rs 119.90 (selling).
Copyright Business Recorder, 2007