Firm trend was seen on the currency market on Saturday as the rupee gained slightly versus dollar, dealers said. The rupee posted gain of five paisa in terms of dollar for buying and selling at 94.65 and 94.85, they said. The local currency, however, lost 40 paisa versus euro for buying and selling at Rs 116.00 and Rs 117.00.
OPEN MARKET RATES: At the weekend euro rose to a three-week high against the US dollar in volatile trade on Friday on speculation the European Central Bank may take further action to contain a spreading debt crisis, but the lack of details capped gains. The euro rose to a session high after Bloomberg reported that ECB President Mario Draghi would meet with the head of Germany's Bundesbank, Jens Weidmann, to discuss several measures, including bond purchases, to stem the euro zone debt crisis. Weidmann is a member of the ECB Governing Council.
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Open Buying Rs 94.65
Open Selling Rs 94.85
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RUPEE IN LAHORE: The Pak rupee showed stability on buying side while it lost five-paisa on selling side in relation to the greenback in the local currency market on Saturday.
According to the currency dealers, the dollar resumed trading at its overnight closing of Rs 94.50 and Rs 94.75 as its buying and selling rates, respectively. The dollar witnessed no visible change in its demand and supply situation and was traded at the opening rates almost throughout the day. However, just ahead of close of trading, the dollar was improved to Rs 94.80 on buying counter while it remained unchanged at Rs 94.50 on selling counter, the dealers said.
The rupee maintained downward slide and remained under pressure against the pound sterling. The pound was purchased and sold at Rs 147.70 and Rs 148.30 as compared to Friday closing of Rs 147.50 and Rs 148.20, 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 rupee opened against the dollar for buying and selling at Rs 94.20 and Rs 94.30 and closing was seen at the same levels, they said. Pound Sterling opened at Rs 146 (buying) and Rs 146.50 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 146 (buying) and Rs 146.50 (selling).
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