THE RUPEE: dollar up

The dollar was slightly higher against the rupee on the open market on Saturday, dealers said. The dollar inched up as the rupee shed five paisa versus the greenback for buying and selling at 91.00 and 91.20, they said. The rupee retained its levels against euro for buying and selling at Rs 118.70 and Rs 119.70, they said.
OPEN MARKET RATES: At the weekend, the dollar slumped broadly, halting a rally that had taken it to an 11-month high against yen and a one-month peak versus euro as tame US inflation data prompted investors to rethink the expectations of higher interest rates. A rise in Treasury bond yields after recent strong economic data reflected investors betting that the Federal Reserve may be more aggressive and tighten monetary policy sooner than anticipated, or at least push further stimulus off the table.

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Open Buying     Rs 91.00

Open Selling    Rs 91.20

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RUPEE IN LAHORE: The Pak rupee remained weak and lost five-paisa on buying side while it remained unchanged on selling side against the greenback in the local currency market on Saturday.
According to the currency dealers, the dollar resumed trading at its day earlier closing of Rs 91.2 on buying and selling counters, respectively. However, at the end of trading, the dollar was marginally improved and ended at Rs 91.25 on buying side, while it witnessed no change in its selling rate during the day, the dealers said.
The rupee could not get out of the continued pressure and was further declined against the pound sterling. The pound was purchased and sold at Rs 143.35 and Rs 143.80 as compared to Friday closing of Rs 142.3 and Rs 142.8, respectively, they added.
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 91 (buying) and Rs 91.2 (selling) against same previous rate. It did not observe any further change in the second session and closed at Rs 91 (buying) and Rs 91.2 (selling).
Pound Sterling opened at Rs 142 (buying) and Rs 142.5 (selling) against same previous rate. It did not observe further change in the evening session and closed at Rs 142 (buying) and Rs 142.5 (selling).
Copyright Business Recorder, 2012