THE RUPEE: steady trend

Steady trend was witnessed on the currency market on Saturday as the rupee did not move any side in process of trading, dealers said. The rupee firmly held the overnight levels against dollar for buying and selling at 94.50 and 94.70, they said. The national currency, however, fell sharply by Rs 1.40 against euro for buying and selling at Rs 116.40 and Rs 117.40, respectively.
At the weekend dollar fell as better-than-expected US jobs growth in July and hopes that European authorities could contain the region's debt crisis had investors embracing risk, causing the biggest one-day gain in a month for the euro. The euro zone common currency was already trading stronger before the jobs data as people took a more optimistic view of Thursday's European Central Bank meeting in which the bank signalled further support for debt-stricken Spain and Italy.

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Open Buying     Rs 94.50

Open Selling    Rs 94.70

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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 was opened on its day earlier closing of Rs 94.60 and Rs 94.80 on buying and selling side, respectively. In the absence of any change in the dollar's demand and supply situation, the opening rates continued to prevail throughout the day, the dealers said.
However, the rupee failed to maintain upward slide and remained under pressure against the British pound. The pound was traded at Rs 147.20 and Rs 147.80 as compared to Friday closing of Rs 146.70 and Rs 147.70, respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged on the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 94.2 (buying) and Rs 94.3 (selling) against same last rate. It did not observe further change in the evening session and closed at Rs 94.2 (buying) and Rs 94.3 (selling).
Pound Sterling opened at Rs 146 (buying) and Rs 146.5 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 146 (buying) and Rs 146.5 (selling).
Copyright Business Recorder, 2012