THE RUPEE: dollar rises further

The rupee extended its slide against dollar in the interbank market on Wednesday as the rupee shed another 10 paisa for buying and selling at Rs 61.42 and Rs 61.44, currency experts said. Persisting demand for dollar did not allow the rupee to move ahead but it is expected that after the clearance of year-end payments, the rupee will rise from the present levels, they said.
The rupee touched the day's low at 61.46 in relation to dollar In the world market, the dollar drifted sideways in thin year-end trade on Thursday after sliding overnight against euro and a basket of major currencies. Analysts said light volume in post-holiday trade was exaggerating price movements, but some traders said the dollar was starting to look vulnerable again and the currency's broad month-long rebound could be ending.
OPEN MARKET RATES: The rupee continued its overnight weakness, shedding 10 paisa more against the dollar for buying and selling at Rs 61.00 and Rs 61.10, they said. The rupee also lost 20 paisa further in relation to euro for buying and selling at 87.95 and 88.05, they said.

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OPEN BUYING              Rs 61.00

OPEN SELLING             Rs 61.10

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LAHORE: The rupee showed stability and remained unchanged against the dollar in the open currency market on Thursday. There was hardly a change in dollar's demand and supply condition helping the rupee stability. The dollar was traded at Wednesday's closing rates of Rs 60.90 and Rs 61.00 on buying and selling sides.
The rupee failed to maintain its upward slide and lost its value against the pound sterling. The pound's buying rate increased from the overnight closing of Rs 120.00 to Rs 120.80 while that of its selling from Rs 121.00 to Rs 121.50.
ISLAMABAD: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi on Thursday. The dollar opened at Rs 60.80 (buying) and Rs 60.90 (selling) against the last rate. It did not observe any change in the evening session and closed at Rs 60.80 (buying) and Rs 60.90 (selling).
Pound sterling resumed trading at Rs 121.60 (buying) and Rs 121.80 (selling) against the last rate. It did not observe any change in the last trading hours and closed at Rs 121.60 (buying) and Rs 121.80 (selling).
Copyright Business Recorder, 2007