THE RUPEE: new year begins with firm note

Steady trend was again witnessed on the currency market on Monday as the rupee maintained its week-end level against the greenback, dealers said. The rupee gained seven paisa against dollar for buying at 89.93 and rose by six paisa for selling at 89.96, they said.
INTERBANK MARKET: OPEN MARKET RATES: The rupee did not show any change in terms of dollar for buying and selling at 89.90 and 90.10, they said. Versus euro, the rupee also maintained its last level at Rs 115.87 and Rs 116.37 for buying and selling, respectively, they said.
Reuters adds: Financial markets in Australia, China, Hong Kong, Japan, Malaysia, New Zealand, Singapore and Thailand were closed on Monday for a public holiday The Indian rupee fell in its first session of 2012 on demand from oil importers, though losses were limited by a turnaround in domestic stocks and dollar-selling by foreign banks.
Volumes were light in the dollar-rupee market as many investors chose to stay away in the absence of trading in major overseas markets, which were closed for the new year holiday. The rupee settled at 53.30/31 to the dollar, 0.4 percent down from Friday's close of 53.08/09, after dipping to 53.34 in early trade.

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Open Buying     Rs 89.90

Open Selling    Rs 90.10

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RUPEE IN LAHORE: The rupee gained five paisa on selling side and unchanged on buying in relation to dollar at Lahore currency market on Monday. According to dealers, dollar commenced trading at previous Rs 89.90 and Rs 90.20 as buying and selling rates, respectively, and of closed at Rs 89.90 and Rs 90.15 on buying and selling counters, respectively.
The rupee-pound parity remained unchanged amid low trading. The pound was purchased and sold at its last week closing of Rs 139.00 and Rs 139.50, respectively, dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained firm against the rupee at the open currency markets of Islamabad and Rawalpindi here on Monday.
The dollar opened at Rs 89 (buying) and Rs 89.20 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 89 (buying) and Rs 89.20 (selling).
Pound Sterling opened at Rs 138 (buying) and Rs 138.90 (selling) against same last rate. It did not observe further change in the evening session and closed at Rs 138 (buying) and Rs 138.90 (selling).
Copyright Business Recorder, 2012