THE RUPEE: gains modestly

The rupee managed to gain slightly against the dollar on the currency market at the week-end, dealers said. The rupee picked up 10-paisa versus the dollar for buying and selling at Rs 101.20 and at Rs 101.40 respectively, they said. At the same time, the rupee followed the same pattern, gaining 50-paisa in relation to the euro for buying and selling at Rs 133.50 and Rs 133.75 respectively, they said.
OPEN MARKET RATES: At the week-end, the dollar rose to its highest in more than 11 months against a basket of currencies after Federal Reserve Chair Janet Yellen came out more balanced than expected on her views about the US economy and monetary policy in remarks to central bankers. The speech by Yellen, a policy 'dove', to an annual gathering of central bankers in Jackson Hole, Wyoming, cited persistent labor market slack but noted faster recovery in the sector could accelerate the timing of a Fed interest rate hike.

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Open Bid       Rs 101.20

Open Offer     Rs 101.40

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

RUPEE IN LAHORE: The Pak rupee remained under pressure and was further depreciated by 25-paisa in relation to the greenback on the local currency market on Saturday.
According to the currency dealers, the dollar commenced trading at its day earlier closing of Rs 101.00 and Rs 101.25 as its buying and selling rates, respectively. Following buyers' interest, the dollar was closed further higher at Rs 101.25 and Rs 101.50 on buying and selling counter, respectively, the dealers said.
However, the rupee maintained downward trend for another day and remained under pressure against the pound sterling. The pound's buying and selling rates were improved from overnight closing of Rs 166.25 and Rs 166.50 to Rs 167.00 and Rs 167.25, respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained firm against the rupee on the local currency establishments of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 101 (buying) and Rs 101.10 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 101 (buying) and Rs 101.10 (selling).
Pound Sterling opened at Rs 166 (buying) and Rs 166.50 (selling) against same last rate. British currency did not observe any further fluctuation by the end of the day and closed on the same rates.
Copyright Business Recorder, 2014