THE RUPEE: dollar loses ground

Upward trend in the foreign exchange reserves, pushed up the rupee versus dollar in the currency market on Friday, dealers said. The rupee recovered eight paisa in relation to dollar for buying at 90.64 and it also gained seven paisa for selling at 90.66, they said.
INTERBANK MARKET: OPEN MARKET RATES: The rupee maintained its overnight level in terms of dollar for buying at 91.10, it, however, shed five paisa for selling at 91.25, they said.
The rupee continued its fall, shedding 10 paisa versus euro for buying and selling at Rs 119.40 and Rs 120.40, they said. In the final Asian session euro and the Australian dollar eased after Chinese growth data disappointed traders positioning for a strong showing, but other Chinese data came mostly in line with, or above expectations, limiting the downside. The markets for major currencies showed no reaction to news that North Korea's much hyped long-range rocket crashed into the sea shortly after launch on Friday. The dollar was trading against the Indian rupee at Rs 51.38, versus the Malaysian ringgit the greenback was available at 3.0585 and the US currency in terms of the Chinese yuan was at 6.299.

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Open Buying     Rs 90.64

Open Selling    Rs 90.66

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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.

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Buying          Rs 91.10

Selling         Rs 91.25

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RUPEE IN LAHORE: The Pak rupee-dollar parity remained unchanged for the third consecutive day on the local currency market on Friday.
According to the currency dealers, there was no change in the dollar's demand and supply situation that helped rupee stability in the open market. The dollar commenced trading at its overnight closing of Rs 91.1 and Rs 91.3 on buying and selling sides, respectively. The opening rates continued to prevail throughout the day's trading.
However, the rupee recovered some of its day earlier loss and was improved against the pound sterling. The pound was traded at Rs 144.3 and Rs 144.8 on buying and selling counters as compared to Thursday closing of Rs 144.4 and Rs 145, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar resumed trading at Rs 91 (buying) and Rs Rs 91.2 (selling) against the same previous rate. It did not observe further change in the second session and closed at Rs 91 (buying) and Rs 91.2 (selling).
Pound Sterling opened at Rs 142 (buying) and Rs 142.5 (selling) against same previous rate. It did not observe further change in the second session and closed at Rs 142 (buying) and Rs 142.5 (selling).
Copyright Business Recorder, 2012