THE RUPEE: parity stays put

No change was seen in the rupee's value against dollar on the open market on Saturday, dealers said. For the third day in a row, the rupee held the overnight levels versus the dollar for buying and selling at 91.20 and 91.50, they said.
OPEN MARKET RATES: While, the rupee gained in relation to euro, rising by Rs 1.47 for buying and selling at Rs 115.33 and 115.83, they said. At the weekend, euro dropped to its lowest against the US dollar in nearly 17 months and tumbled to an 11-year low versus yen, pressured by talk of a downgrade in the credit ratings of several euro zone countries later in the session.
A senior euro zone government source said Standard & Poor's is set to downgrade the ratings of euro zone countries, but not Germany's. This was later confirmed by French Finance Minister Francois Baroin, who said France and other euro zone countries have been warned that it would be downgraded by S&P.

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Open Buying     Rs 91.20

Open Selling    Rs.91.50

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RUPEE IN LAHORE: The rupee lost 20 paisa on buying side while it stayed unchanged on selling side in relation to dollar at Lahore currency market on Saturday.
According to dealers, the dollar closed at Rs 91.50 and Rs 92.00 on buying and selling counters, respectively, as compared to Friday's Rs 91.30 and Rs 92.00.
The rupee-pound parity remained unchanged. The pound was purchased and sold at Rs 139.50 and Rs 140.50 as against the overnight closing of Rs 139.50 and Rs 140.50 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 Saturday.
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