THE RUPEE: modest fall

The rupee drifted lower in relation to the dollar on the money market at the week-end, dealers said.
OPEN MARKET RATES: The rupee showed modest fall of five-paisa in terms of the dollar for buying and selling at Rs 100.60 and Rs 100.80 respectively. The rupee, however, rose by 25-paisa against the euro for buying and selling at Rs 123.25 and Rs 123.50 respectively, they said.
At the week-end, the US dollar hit its highest level against major currencies in over 8-1/2 years on diverging monetary policy between the Federal Reserve and other major central banks, and bullish dollar positions heading into the end of the year.
The euro hit a 28-month low against the greenback, while the dollar hovered near a 28-month high against the Swiss franc and hit a more than one-week high against the Japanese yen on the back of the Fed signalling on Wednesday that it would likely hike rates in 2015 and looser policies in Europe, Japan and Switzerland.

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Open Bid       Rs 100.60

Open Offer     Rs 100.80

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Interbank Closing Rates: Interbank Closing Rates For Dollar on Saturday.

RUPEE IN LAHORE: The Pak rupee maintained upward slide for another day and gained 10-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 100.50 and Rs 100.75 on buying and selling side, respectively. In the absence of buying support, the dollar could not sustain and was declined to Rs 100.40 and Rs 100.65 on buying and selling counter, respectively, the dealers said.
However, the rupee failed to maintain its worth and was declined against the British pound. The pound was purchased and sold at Rs 157.10 and Rs 157.35, compared with Friday closing of Rs 157.00 and Rs 157.25, 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 101.30 (buying) and Rs 101.40 (selling) against same overnight rate. It did not observe further change in the second session and closed at Rs 101.30 (buying) and Rs 101.40 (selling).
Pound Sterling opened at Rs 158 (buying) and Rs 159 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 158 (buying) and Rs 159 (selling).
Copyright Business Recorder, 2014