Persistent firmness seen on the open market as the rupee-dollar parity rate was unchanged in the process of trading, dealers said on Saturday, dealers said. The rupee held the overnight levels against the dollar for buying and selling at Rs 99.00 and Rs 99.25, they said. While, the rupee shed 25 paisa in relation to the euro for buying and selling at Rs 130.25 and Rs 130.50, they added.
INTERBANK MARKET RATES: At the week-end, the wide-ranging US spending cuts that automatically kicked in and threatened to dampen economic growth did little to diminish a US dollar rally which was aided by upbeat economic data.
The euro sank to a 2-1/2-month low before quickly rebounding while increased speculation the new leadership of the Bank of Japan will move quickly to loosen monetary policy sent the yen reeling. Sterling collapsed to a fresh 2-1/2-year nadir on disappointing economic data, briefly dropping below the $1.50 level.
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Open Bid Rs 99.00
Open Offer Rs 99.25
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RUPEE IN LAHORE: The national currency moved both ways in relation to the dollar on the local money market on Saturday, dealers said.
According to the moneychangers, the rupee was unchanged versus the dollar for buying at Rs 99.20 while it shed 10 paisa for selling at Rs 99.35. Similarly, the rupee-pound sterling parity on buying side witnessed no change while the rupee remained under pressure on selling side. The Britain pound was purchased and sold at Rs 150.50 and Rs 151.00 compared with previous closing of Rs 150.50 and Rs 150.75, respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar on the open currency markets of Islamabad and Rawalpindi on Saturday. The dollar opened at Rs 99.80 for buying and Rs 99.90 for selling and closing was seen at the same rate by the end of evening session, they added.. Pound Sterling opened at Rs 154 (buying) and Rs 155 (selling) against same last rate. It closed at the same rate without further change in the evening.
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