THE RUPEE: slight recovery

The rupee managed to recover marginally against the dollar and euro on the currency market on Saturday, dealers said. The rupee gained five-paisa versus the dollar for buying and selling at Rs 98.80 and Rs 99.00 respectively. It also picked up 50-paisa against the euro for buying and selling at Rs 132.00 and Rs 132.72 respectively, they said.
OPEN MARKET RATES: At the week-end, the US dollar hit an eight-month high against the euro after weak data on German business sentiment heightened concerns that geopolitical tensions were weighing on the euro zone economy. Germany's Ifo business climate index, based on a monthly survey of some 7,000 firms, fell to 108.0 in July, marking a third consecutive monthly decline and missing estimates of 109.4, according to a Reuters poll of economists.

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

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BID             Rs 98.80

OFFER           Rs 99.00

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RUPEE IN LAHORE: The Pak rupee staged marginally recovery and gained five-paisa against the US dollar on the local currency market on Saturday.
According to the currency dealers, the dollar resumed trading at its day earlier closing of Rs 98.95 and Rs 99.20 as its buying and selling rate, respectively. In the absence of buyers' interest, the dollar could not sustain and was declined to Rs 98.90 and Rs 99.15on buying and selling side, respectively.
On the contrary, the rupee remained under pressure and was depreciated against the British pound. The pound's buying and selling rates were improved from overnight closing of Rs 167.50 and Rs 167.75 to Rs 167.50 and Rs 167.85, respectively, the dealers said.
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 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