The rupee lost 10 paisa versus dollar for buying and also fell in terms of euro on the currency market on Saturday in process of trading, dealers said. The rupee shed 10 paisa against dollar for buying at 86.40 while it did not show any change for selling at 86.70, they said.
OPEN MARKET RATES: In the meantime, the rupee fell sharply in terms of the euro, shedding Re.1 for buying at Rs 118.06 and Rs 118.56, they said. At the weekend, euro rose the most against dollar in two weeks on Friday and may extend gains next week should an auction of Italian bonds go smoothly, easing fears over the country's ability to repay its debt.
Italy is slated to auction three billion euros of five-year government bonds on Monday. It will be closely watched by investors after Rome managed to sell five billion euros of one-year debt this week that helped Italian yields stabilise below the critical seven percent. Trading could continue to be volatile and headline-driven, and the outlook for the euro remains bleak as the euro zone has yet to find a solution to prevent the debt crisis from engulfing its larger economies such as Italy and Spain.
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Open Buying Rs 86.40
Open Selling Rs.86.70
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RUPEE IN LAHORE: The Pak rupee showed strength and gained 10-paisa on buying side, while it remained unchanged on selling side in relation to the dollar in the local currency market on Saturday.
According to the currency dealers, the dollar resumed trading at its day earlier closing of Rs 86.30 and Rs 86.70, as its buying and selling rates, respectively. The dollar could not sustain and lost 10-paisa on buying side. However, in the absence of any change in its demand, dollar's selling rate stayed unchanged at Rs 86.70, the dealers said.
The rupee could not get out of pressure and was further declined against the British pound. The pound was purchased and sold at Rs 137.80 and Rs 138.70 compared with Friday closing rate of Rs 136.80 and Rs 137.50, respectively, the dealers said.
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