THE RUPEE: steadier trend

Firmness prevailed on the money market on Saturday as the rupee sustained its overnight levels versus the dollar in the process of trading, dealers said. The rupee did not move any side in relation to the dollar for buying and selling at Rs 99.70 and Rs 99.90 respectively, while it lost 20-paisa against the euro for buying and selling at Rs 135.20 and Rs 135.45 respectively, they said.
OPEN MARKET RATES: At the week-end, the dollar stayed firm as US bond yields held steady, while sterling slipped from its recent peaks tied to expectations the Bank of England might raise interest rates by early 2015 on signs of a strengthening British economy. Reduced jitters about the fighting in Iraq also supported the dollar as traders trimmed their safe-haven holdings in gold, US Treasuries and Japanese yen.

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

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Bid Rate        Rs 99.70

Offer Rate      Rs 99.90

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RUPEE IN LAHORE: The rupee showed stability in relation to the dollar on the local currency market on Saturday.
According to the currency dealers, the dollar was opened on its overnight closing of Rs 99.65 and Rs 99.90 on buying and selling side, respectively. In the absence of any change in the dollar's demand and supply situation, its opening rates continued to prevail throughout the day, the dealers said.
However, the rupee maintained downward slide and remained under pressure against the British pound. The pound's buying and selling rates were improved from Friday's closing of Rs 169.25 and Rs 169.50 to Rs 169.35 and Rs 169.60, respectively, they added.
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 98.50 (buying) and Rs 98.60 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 98.50 (buying) and Rs 98.60 (selling). Pound Sterling opened at Rs 165 (buying) and Rs 165.50 (selling) against same last rate. It closed at the same rate without further change by the end of evening session.
Copyright Business Recorder, 2014