THE RUPEE: slight gain

The rupee depicted mixed trend as it gained versus the dollar, however, it fell in terms of the euro on the local currency market on Saturday, dealers said. The rupee picked up 10 paisa in relation to the dollar for buying and selling at Rs 102.30 and Rs 102.50, they said. The rupee, however, lost 35 paisa against the euro for buying and selling at Rs 134.75 and Rs 135.00, they said.
OPEN MARKET RATES: At the week-end, the dollar fell against the euro and the yen as weak signals on the US labor market lessened expectations that the Federal Reserve would start reducing its bond purchases in the near term.
The Labor Department reported that US employers slowed their pace of hiring in July, data that could make the Fed more cautious about scaling back its monthly $85 billion bond-buying program, even though the jobless rate fell to a 4-1/2-year low.

Open Market Rate: Open Market Rate For Dollar on Saturday.

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Bid Rate       Rs 102.40

Offer Rate     Rs 102.60

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RUPEE IN LAHORE: The Pak rupee marginally staged recovery and regained 10 paisa on buying side (Rs 102.50) while it stayed unchanged on selling side (Rs 103.00) against the US dollar on the local currency market on Saturday.
According to the currency dealers, the dollar resumed trading at its day earlier closing of Rs 102.60 and Rs 103.00 as its buying and selling rate, respectively. The dollar witnessed no change in its rate during early trading hours. But, on close of trading, it was slipped to Rs 102.50 on buying counter while its selling rate remained unchanged at the opening level, the dealers said.
On the contrary, the rupee remained under pressure and was declined against the British pound. The pound's buying and selling rates were improved from Friday closing of Rs 153.50 and Rs 154.50 to Rs 155.00 and Rs 155.50, 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 103 for buying and Rs 103.25 for selling against last rate. It did not observe further change in the second session and closed at Rs 103 for buying and Rs 103.25 for selling.
Pound Sterling opened at Rs 155 for buying and Rs 155.50 for selling against same last rate. It closed at the same rate without further change by the end of evening session.
Copyright Business Recorder, 2013