THE RUPEE: firm trend

The dollar was firm on the open market on Saturday in process of trading, dealers said. The rupee did not show any change against dollar for buying and selling at 91.05 and 91.15, they said. The rupee, however, lost steeply versus euro for buying Rs 1.16 to Rs 120.16 and it shed 66 paisa for selling at Rs 120.66, they said.
OPEN MARKET RATES: At the weekend euro climbed to a three-week peak against dollar as concerns about a slowdown in the euro zone ebbed, but euro could reverse gains next week as bond auctions in Spain and Italy draw scrutiny. Any sign of eroding confidence in the bonds of these peripheral countries could undermine the euro. Economic data from Germany and a meeting of European finance ministers will also be key events for the week.

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Open Buying     Rs 91.05

Open Selling    Rs 91.15

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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, dollar resumed trading at its previous closing of Rs 91.00 and Rs 91.25 as its buying and selling rate, respectively. The dollar witnessed no change in its rate during the day trading and finally ended at the opening level.
Similarly, the rupee stayed unchanged on buying side while it gained 10-paisa on selling side in relation to pound sterling. It traded at Rs 143.00 and Rs 143.60 as compared to Thursday closing of Rs 143.00 and Rs 143.70, respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against dollar at the open currency markets of Islamabad and Rawalpindi here on Saturday. The dollar opened at Rs 91 (buying) and Rs Rs 91.20 (selling) against same previous rate. It did not go under any further change in the second session and closed at Rs 91 (buying) and Rs 91.20 (selling). Pound Sterling opened at Rs 142 (buying) and Rs 142.50 (selling) against same previous rate. It did not change in the evening session and closed at Rs 142 (buying) and Rs 142.50 (selling).
Copyright Business Recorder, 2012