THE RUPEE: very modest fall in open market

Downward trend was seen on the open market on Saturday as the rupee shed slightly against the dollar on persisting demand for the greenback, dealers said. The rupee dropped by five paisa in relation to the dollar for buying and selling at 95.15 and 95.35, they said.
OPEN MARKET RATES: The rupee also came under pressure in terms of the euro, losing 50 paisa for buying and selling at Rs 118.50 and Rs 119.50, they added. According to the Reuters: At the week-end, the euro fell against the US dollar after a downgrade to Spain's credit rating and signs of economic weakness in Italy and Germany, leaving the single currency vulnerable as euro zone risks increased.
Despite Friday's losses, the euro posted its best weekly performance since April, notching gains after five straight weeks of declines. Analysts, however, were convinced gains would be short-lived as investors sought to square up ahead of the weekend.

Open Market Rates: Open Market Rates for Dollar on Saturday.

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Open Buying     Rs 95.15

Open Selling    Rs 95.35

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RUPEE IN LAHORE: As a result of persisting demand for the US currency, the Pak rupee hit the new low at 96 versus the dollar in the open currency market on Saturday, dealers said. On account of fresh demand, the dollar ended with a gain of 20 paisa for buying at Rs 95.40 and it gained 30 paisa for selling at Rs 96.00, they said. On the contrary, the rupee continued to appreciate its worth against the pound sterling. The pound that remained under pressure was purchased and sold at Rs 145.40 and Rs 146.00 as compared to Friday closing of Rs 146.20 and Rs 146.80, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar-rupee parity remained unchanged on the local currency shops of Islamabad and Rawalpindi here on Saturday. The dollar opened at Rs 93.5 (buying) and Rs 93.6 (selling) against same last rate. It closed at Rs 93.5 (buying) and Rs 93.6 (selling). Pound Sterling opened at Rs 145 (buying) and Rs 146 (selling) against same last rate. It did not observe further change in the last trading hours and closed at Rs 145 (buying) and Rs 146 (selling).
Copyright Business Recorder, 2012