THE RUPEE: bullish sentiment in open-market

Bulls dominated the open market on Saturday as the rupee appreciated against dollar and euro, dealers said. The rupee maintained its overnight surge against dollar, picking 20 paisa for buying and selling at 96.00 and 96.30, they said. The rupee also gained 10 paisa in terms of euro for buying and selling at Rs 120.00 and Rs 121.00, they added.
OPEN MARKET RATES: According to the Reuters: At the week-end euro climbed for a fourth straight session against dollar on Friday, underpinned by expectations that central banks around the world will act to prevent any fallout arising after Sunday's crucial Greek election. The dollar, meanwhile, slumped against yen as Friday's US economic data reflected weakness in the recovery, raising the prospect the Federal Reserve may resort to further monetary easing.
The Federal Open Market Committee, the Fed's policy-making arm, is scheduled to meet next Tuesday and Wednesday. But Sunday's Greek vote has been the focus this week.

Open Market Rates: Open Market Rates for Dollar on Saturday.

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Open Buying     Rs 96.00

Open Selling    Rs 96.30

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RUPEE IN LAHORE: Firmness prevailed on the local currency market on Saturday as the rupee maintained steadier trend against the dollar, dealers said.
According to the currency dealers, the rupee showed no change versus the dollar for buying at Rs 95.90 but it shed 10 paisa for selling at Rs 96.40, the dealers said.
The rupee failed to maintain rising trend and remained under pressure against the pound sterling throughout the day. The pound's buying and selling rates were increased from the Friday closing of Rs 147.30 and Rs 148.00 to Rs 148.10 and Rs 149.30, respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar showed an improvement of 20-paisa against the rupee on the local currency exchange establishments of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 96.2 (buying) and Rs 96.4 (selling) against last rate of Rs 96 (buying) and Rs 96.2 (selling). It did not observe further change in the evening session and closed at Rs 96.2 (buying) and Rs 96.4 (selling).
Pound Sterling opened at Rs 147 (buying) and Rs 147.5 (selling) against the same last rate. It did not observe further change in the evening session and closed at Rs 147 (buying) and Rs 147.5 (selling).
Copyright Business Recorder, 2012