THE RUPEE: rates firm

The rupee was unchanged against the dollar on the money market on Saturday in the process of trading, dealers said. The local currency managed to resist fall amid announcement of policy rate, in which the State Bank of Pakistan has decided to reduce the policy rate by 50 bps to 9.5 percent.
OPEN MARKET RATES: The rupee held the overnight levels against the dollar for buying and selling at Rs 102.00 and Rs 102.20 respectively, while it drifted lower versus the euro, shedding 25-paisa for buying and selling at Rs 127.25 and Rs 127.50, they said.
At the week-end, the dollar gave up strong early gains to turn lower after the battered euro turned higher on reports of short-covering in the common currency and a drop in US bond yields. The dollar index, which had touched a four-year high of 88.267 after a US retail sales report bolstered views of a strengthening US economy, was off 0.14 percent at 87.549.

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Open Bid       Rs 102.00

Open Offer     Rs 102.20

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

RUPEE IN LAHORE: The Pak rupee remained weak and registered marginal decline of five-paisa 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 102.20 and Rs 102.45 as its buying and selling rate, respectively. Because of buyers' interest, the dollar was ended at Rs 102.25 and Rs 102.50 on buying and selling side, respectively, the dealers said.
However, the rupee-pound sterling parity stayed unchanged amid sluggish trading trend. The pound was purchased and sold at its Friday closing of Rs 160.25 and Rs 160.50, respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar on the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 103 (buying) and Rs 103.10 (selling) against same overnight rate. It did not observe further change in the second session and closed at Rs 103 (buying) and Rs 103.10 (selling).
Pound Sterling opened at Rs 164 (buying) and Rs 164.10 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 164 (buying) and Rs 164.10 (selling).
Copyright Business Recorder, 2014