THE RUPEE: dollar cheaper

The rupee managed to gain against dollar on the open market on Wednesday, gaining 10 paisa for buying at 81.25 and 30 paisa for selling at 81.35, dealers said. The interbank market rates were not available due to bank closure, they added. Versus the euro, the rupee posted fresh gain of 24 paisa for buying and selling at Rs 113.32 and Rs 114.32, they said.
In the third Asian trade dollar steadied holding gains made the previous day after an unexpected fall in US consumer morale cooled optimism about an economic recovery, prompting investors to seek the safety of the greenback. The Bank of Japan's June tankan corporate survey showed on Wednesday that big manufacturers' sentiment pulled back from a record low hit three months ago, although the improvement was smaller than forecast.
Interbank Closing Rates: Interbank Closing Rates For Dollar On Wednesday.

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Open Buying         Rs 81.25

Open Selling        Rs 81.35

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RUPEE IN LAHORE: The Pak rupee failed to maintain its overnight position and lost 40 paisa on buying side and 30 paisa on selling sides in relation to the greenback in the local currency market on Wednesday.
The dollar resumed trading at Rs 81.30 and Rs 81.60 as its buying and selling rates, respectively. Because of fresh demand, the dollar moved up and closed higher at Rs 81.40 and Rs 81.80 against the Tuesday closing of Rs 81.00 and Rs 81.50 on buying and selling counters, respectively, the currency dealers said.
However, the rupee showed strength and recovered some of its earlier loss against the pound sterling. The pound's buying and selling rates slide down from previous closing of Rs 134.00 and Rs 134.60 to Rs 133.00 and Rs 134.00, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi here on Wednesday. The dollar opened at Rs 81.40 (buying) and Rs 81.50 (selling) against the last rate. It did not witness further change in the evening session and closed at Rs 81.40 (buying) and Rs 81.50 (selling).
Pound Sterling opened at Rs 133.00 (buying) and Rs 134.00 (selling) against the previous rate. British currency failed to observe further change in the evening session and closed at Rs 133.00 (buying) and Rs 134.00 (selling).
Copyright Business Recorder, 2009