THE RUPEE: mixed trend

The rupee gained versus dollar, it, however, fell in terms of euro on the currency market on Saturday, dealers said. The rupee managed to resist fall in relation to dollar, recovering five paisa for buying at 86.95 and rose by 15 paisa for selling at 87.05, they said.
OPEN MARKET RATES: The rupee, however, lost 42 paisa in terms of euro for buying and selling at Rs 117.32 and Rs 117.82, they said.
At the weekend, the euro rose against dollar on the possibility the European Central Bank and the International Monetary Fund will bail out bigger euro zone economies and borrowing costs for Italy and Spain eased, sentiment remained bearish, in the meantime, investors will remain wary of placing bets in favour of euro, with issues on both sides of the Atlantic likely to contain risk appetite. The common currency fell for three straight weeks as fears persisted that the debt crisis could engulf major euro zone states such as France and trigger a break-up of the 17-nation bloc.

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Open Buying     Rs 86.95

Open Selling    Rs 87.05

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RUPEE IN LAHORE: The Pak rupee remained under pressure and further depreciated 20-paisa on buying side and 10-paisa on selling side in relation to the greenback in the open currency market on Saturday.
According to the currency dealers, the dollar's demand continued for another day that kept the local currency under pressure. The dollar was traded at Rs 87.20 and Rs 87.60, as its buying and selling rate against the Friday closing of Rs 87.00 and Rs 87.50, respectively, the dealers said.
However, the rupee showed stability and remained unchanged on buying side, while it was declined on the selling side against the pound sterling. The pound was traded at Rs 137.20 and Rs 138.00, compared with overnight closing of Rs 137.20 and Rs 137.60, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against dollar at the currency markets of Islamabad and Rawalpindi on Saturday.
The dollar opened at Rs 87.60 (buying) and Rs 88.05 (selling) against last rates. It did not observe further change in the second session and closed at Rs 87.60 (buying) and Rs 88.05 (selling).
Pound sterling opened at Rs 137.80 (buying) and Rs 137.90 (selling) against same overnight values. It did not observe further change in the evening session and closed at Rs 137.80 (buying) and Rs 137.90 (selling).
Copyright Business Recorder, 2011