THE RUPEE: dollar moves up

Downward trend was seen on the currency market on Saturday as the rupee drifted lower against dollar and euro, dealers said. The rupee gave up firmness versus dollar, losing 10 paisa for buying and selling at 90.40 and 90.60, they said.
OPEN MARKET RATES: The rupee followed the same pattern as it fell also against euro after losing 18 paisa for buying and selling at Rs 116.35 and Rs 116.85, they said.
According to the Reuters euro fell from an early two-week high against the US dollar as investors grew wary about the outcome of Greek debt negotiations ahead of the weekend despite growing expectations of a deal. But so far this week, euro has risen more than two percent, putting it on track for the biggest weekly advance since mid-October after Thursday's solid bond auctions in Spain and France whetted investors' risk appetite.

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Open Buying     Rs 90.40

Open Selling    Rs 90.60

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RUPEE IN LAHORE: The Pak rupee-dollar parity remained unchanged amid low trading activity in the local currency market on Saturday.
According to the currency dealers, the dollar resumed trading at its overnight closing of Rs 90.20 and Rs 90.60 on buying and selling sides, respectively. The dollar witnessed no change in its value during the day's trading, as the opening rates continued to prevail throughout the day.
On the contrary, the rupee failed to maintain its day earlier position and remained under pressure against the pound sterling. The pound was purchased and sold at Rs 140.00 and Rs 140.60, as compared to Friday closing of Rs 139.00 and Rs 140.00, respectively, the 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 89.00 (buying) and Rs 89.20 (selling) against the last rate. It did not observe further change in the second session and closed at Rs 89.00 (buying) and Rs 89.20 (selling).
Pound Sterling opened at Rs 138.00 (buying) and Rs 138.90 (selling) against the last rate. It did not observe further change in the evening session and closed at Rs 138.00 (buying) and Rs 138.90 (selling).
Copyright Business Recorder, 2012