THE RUPEE: dollar may hit 90 level in near-terms

The dollar is likely to hit new high at Rs 90 in the near future, if importers continue buying to meet the payment requirements, money experts said on the currency market on Saturday. The rupee shed 50 paisa against dollar for buying at 89.30 and fell by 40 paisa for selling at 89.60, they said.
OPEN MARKET RATES: The rupee also dropped 14 paisa in relation to euro for buying and selling at Rs 118.97 and Rs 119.47, they said. Reuters adds: At the weekend, euro faced make-or-break time ahead of a European Central Bank meeting and a European Union summit next week, as the single currency fell against dollar on Friday for the first time in five sessions.
Investors were wary of placing aggressive bets in favour of the 12-year-old currency ahead of the ECB meeting next Thursday and the EU summit the following day. French and German leaders are to meet on Monday to outline joint proposals to be discussed at the EU meeting.

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Open Buying     Rs 89.30

Open Selling    Rs 89.60

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RUPEE IN LAHORE: The rupee lost 45 paisa on buying side and 30 paisa on selling side in relation to dollar on Lahore currency market on Saturday.
According to dealers, dollar moved up and closed at Rs 89.50 and Rs 90.00 as buying and selling rates against overnight closing of Rs 89.05 and Rs 89.70, respectively.
However, the rupee remained unchanged on buying side while it declined on selling side against British pound. The pound was traded at Rs 138.30 and Rs 138.80 as compared to last day closing of Rs 138.30 and Rs 138.70, respectively, dealers said.
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 87.60 (buying) and Rs 88.05 (selling) against the last rate. It did not observe further change in the second session and closed at Rs 87.60 (buying) and Rs 88.05 (selling).
Pound Sterling opened at Rs 137.80 (buying) and Rs 137.90 (selling) against the overnight value. It did not observe further change in the evening session and closed at Rs 137.80 (buying) and Rs 137.90 (selling).
Copyright Business Recorder, 2011