THE RUPEE: slight fall

Easier trend was witnessed on the currency market on Saturday as the rupee fell modestly against the dollar, money experts said. The rupee dropped marginally in terms of the dollar, losing 10 paisa for buying and selling at 97.90 and 98.10, they said. The rupee, however, shed the same amount versus the euro for buying and selling at Rs 128.50 and Rs 129.50, they said.
OPEN MARKET RATES: At the week-end, the dollar firmed after US budget negotiations to avert spending cuts and tax increases took a turn for the worse, fuelling concerns the world's largest economy could slide into recession. Republican lawmakers delivered a blow to their leader, House of Representatives Speaker John Boehner, when they failed to back a bill designed to extract concessions from President Barack Obama in the 'fiscal cliff' talks.

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Open Buying     Rs 97.90

Open Selling    Rs 98.10

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RUPEE IN LAHORE: The Pak rupee-dollar parity was unchanged amid low activity on the local currency market on Saturday. According to the currency dealers, the dollar witnessed no change in its demand and supply situation that helped rupee stability. The dollar was traded at its overnight closing of Rs 97.80 and Rs 98.30 on buying and selling counters, respectively.
Similarly, the rupee showed stability and stayed unchanged against the British pound. The pound was purchased and sold at its Friday closing rates of Rs 158.50 and Rs 159.00, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained firm against the rupee at the open currency markets of Islamabad and Rawalpindi here on Saturday. The dollar opened at Rs 98.50 (buying) and Rs 98.60 (selling) against same last rate. It did not observe further change in the evening session and closed at Rs 98.50 (buying) and Rs 98.60 (selling). Pound Sterling opened at Rs 158.50 (buying) and Rs 158.60 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 158.50 (buying) and Rs 158.60 (selling).
Copyright Business Recorder, 2012