THE RUPEE: dollar moves both ways

The rupee moved both ways against dollar in the open market on Saturday in process of trading, dealers said. Persistent demand for dollar by the importers made the rupee unable to retain the firmness in terms of the greenback, money experts said.
OPEN MARKET RATES: The rupee depreciated by 20 paisa in relation to dollar for buying at 89.00 and it, however, picked up 10 paisa for selling at 89.20, they said. The rupee could not maintain its overnight firmness versus euro, losing 97 paisa for buying and selling at Rs 118.50 and Rs 119.00, they said.
At the weekend, euro edged higher against dollar but sentiment remained shaky after an agreement by nearly all European Union leaders to build a closer fiscal union failed to allay concerns about the region's debt crisis. Developments in Europe's debt markets should continue to dominate the market's attention next week, while the Federal Reserve's last policy meeting of the year could prove a non-event as no new action is expected.

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Open Buying     Rs 89.00

Open Selling    Rs 89.20

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RUPEE IN LAHORE: The Pak rupee showed stability on buying side, while it gained 20-paisa on selling side in relation to the greenback in the local currency market on Saturday.
According to the currency dealers, the dollar resumed trading at its overnight closing of Rs 88.50 and Rs 89.30, as its buying and selling rates, respectively. There was no visible change in the dollar's supply that kept its rate intact at Rs 88.50. On the contrary, because of lacking buying support, dollar's selling rate was declined to Rs 89.10, the dealers said.
However, the rupee-pound sterling parity remained unchanged at its day earlier closing level. The pound was purchased and sold at Rs 138.10 and Rs 139.00, 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 87.65 (buying) and Rs 88.05 (selling) against same last rates. It did not observe further change in the second session and closed at Rs 87.65 (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