THE RUPEE: steady trend

No change was seen on the open market on Saturday in process of easy supply of dollars, dealers said. The rupee firmly held its overnight levels in terms of dollar for buying and selling at 94.65 and 94.85, they said. The rupee shed 20 paisa versus euro for buying and selling at Rs 118.20 and Rs 119.20.
OPEN MARKET RATES: At the weekend dollar dropped to an eight-week low against euro and two-week low against yen on Friday after Federal Reserve Chairman Ben Bernanke said high unemployment is "a grave concern," reinforcing expectations for further monetary easing to revive growth. Bernanke, speaking at the Kansas City Fed's annual symposium in Jackson Hole, Wyoming, said the US economy faced "daunting" challenges and that the Fed would act as needed to strengthen the recovery. But he did not explicitly signal an imminent move.

========================

Open Buying     Rs 94.65

Open Selling    Rs 94.85

========================

RUPEE IN LAHORE: The Pak rupee showed strength and further improved five-paisa in relation to the greenback in the local currency market on Saturday. According to the currency dealers, in the absence of buying support, the dollar remained under pressure and was ended lower at Rs 94.55 and Rs 94.75 as its buying and selling rates as compared to overnight closing of Rs 94.60 and Rs 94.80, respectively, the dealers said.
However, the rupee stayed unchanged on buying side while it gained 10-paisa on selling side against the British pound. The pound was traded at Rs 149.00 and Rs 149.40 on buying and selling counters against the day earlier closing of Rs 149.00 and Rs 149.50, respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar on the open currency markets of Islamabad and Rawalpindi here on Saturday. The dollar resumed trading 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 previous rate. 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