THE RUPEE: all-round fall

Bears dominated the money market on Monday as the rupee slid in relation to dollar and euro, dealers said. The rupee drifted lower versus the US currency, shedding nine paisa for buying at 90.86 and 10 paisa for selling at 90.88 in process of strong demand for dollars by importers, experts said.
INTERBANK MARKET: OPEN MARKET RATES: The rupee followed the same pattern versus dollar, sliding 10 paisa for buying and selling at 90.90 and 91.10, they said. In relation to euro the rupee fell by 63 paisa for buying and selling at Rs 119.80 and Rs 120.30, they said.
In the first Asian trade euro and commodity currencies rose on chances Europe will sign off on a rescue deal for Greece and after China's central bank joined counterparts globally in acting to stimulate growth. The dollar rose to a six-month high against yen before erasing gains after it failed to clear a key technical resistance point, a break of which could signal the end of its four-year downtrend. China cut the amount of cash banks must hold in their reserves on Saturday, boosting lending capacity in an effort to spur the world's second-biggest economy.

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Open Buying     Rs 90.90

Open Selling    Rs 91.10

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

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Buying          Rs 90.86

Selling         Rs 90.88

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RUPEE IN LAHORE: The rupee stayed unchanged on buying side and marginally improved by five paisa on selling side against dollar on Lahore currency market on Monday.
According to dealers, dollar resumed trading at overnight Rs 91.05 and Rs 91.30 as buying and selling rates, respectively, and closed at Rs 91.05 and Rs 91.25 on buying and selling counters, respectively. The rupee-pound sterling parity remained unchanged amid low trading activity in the open market. The pound was purchased and sold at last Friday closing of Rs 143.60 and Rs 144.00 respectively, dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar-rupee parity remained unchanged at the open currency markets of Islamabad and Rawalpindi here on Monday.
The dollar opened at Rs 91 (buying) and Rs 91.20 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 91 (buying) and Rs 91.20 (selling). Pound Sterling opened at Rs 142 (buying) and Rs 142.50 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 142 (buying) and Rs 142.50 (selling).
Copyright Business Recorder, 2012