THE RUPEE: steadier trend

Steadier trend was witnessed on the local currency market on Saturday as the rupee held the overnight levels versus the dollar in the process of trading, dealers said. The rupee did not move any side against the dollar for buying and selling at Rs 99.15 and Rs 99.35, they said.
While, the rupee shed 25 paisa in relation to the euro for buying and selling at Rs 129.00 and Rs 129.25. At the week-end, the US dollar and euro rallied 1.5 percent versus the yen after Japan said the Group of 20 countries did not oppose its aggressive monetary easing aimed at beating deflation rather than at weakening its currency.
Traders said hedge funds resumed buying the dollar against the yen, leaving the pair poised to test strong resistance and option barriers at the 100 yen level in the coming days. The dollar hit a four-year high of 99.94 yen last week.

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

Open Bid        Rs 99.15

Open Offer      Rs 99.35

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

RUPEE IN LAHORE: The Pak rupee depreciated against the US dollar and pound sterling on the local currency market on Saturday. According to the currency dealers, the dollar commenced trading on a healthy sign and registered gain following fresh buying. On close of trading, the dollar was ended at Rs 99.40 and Rs 99.75 as its buying and selling rates against the overnight closing of Rs 99.20 and Rs 99.35, respectively.
Likewise, the rupee could not get out of the pressure and was declined against the pound sterling. The pound was traded at Rs 150.50 and Rs 151.30 on buying and selling counters compared with last day closing of Rs 150.20 and Rs 151.00, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi here on Saturday. The dollar opened at Rs 99.20 (buying) and Rs 99.30 (selling) against same last rate. It closed on same period of Rs 99.20 (buying) and Rs 99.30 (selling) by the end of evening session. 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 session.
Copyright Business Recorder, 2013