THE RUPEE: firm trend

The rupee managed to hold its commanding position against the dollar on the money market at the week-end, dealers said. The rupee stayed put in terms of dollar for buying and selling at Rs 98.80 and Rs 99.00 respectively. It recovered its overnight gains of Rs 1.10 versus the euro for buying and selling at Rs 134.25 and Rs 133.50 respectively, they said.
OPEN MARKET RATES: At the week-end, the euro briefly dipped below $1.35 for first time since February. The currency shared by 18 nations has been declining for weeks and under pressure from speculation US officials may raise interest rates earlier than markets expect next year. It traded as high as $1.37 on July 1 and on Friday was last at $1.35.

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

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Bid Rate        Rs 98.80

Offer Rate      Rs 99.00

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RUPEE IN LAHORE: The Pak rupee was down against the US dollar on the local currency market on Saturday.
According to the currency dealers, the dollar commenced trading at its overnight closing of Rs 98.75 and Rs 99.00 as its buying and selling rate, respectively. Because of slight increase in the dollar's demand, its rate was improved to Rs 98.80 and Rs 99.05 on buying and selling side, respectively.
However, the rupee remained strong and appreciated its worth against the pound sterling. The pound was declined from Friday closing of Rs 168.75 and Rs 169.00 to Rs 168.50 and Rs 168.75 on buying and selling counters, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar on 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 second session and closed at Rs 98.50 (buying) and Rs 98.60 (selling).
Pound Sterling opened at Rs 165 (buying) and Rs 165.50 (selling) against same last rate. It closed at the same rate without further change by the end of evening session.
Copyright Business Recorder, 2014