Downward trend was seen on the money market on Saturday as the rupee fell due to persistent demand for dollars, dealers said. The rupee drifted lower against dollar, shedding another five paisa for buying and selling at 91.05 and 91.25, they said.
OPEN MARKET RATES: In relation to euro the rupee, retained overnight levels for buying and selling at Rs 120.40 and Rs 121.40, they said. At the weekend euro dropped against dollar for a third straight day on Friday and was on track for its worst week since mid-December after debt-burdened Spain challenged the European Union's new fiscal pact.
Spain, Europe's fourth-largest economy, set itself on Friday a softer 2012 deficit target than originally agreed to under the euro zone's austerity drive. Prime Minister Mariano Rajoy said Spain's new 2012 target of 5.8 percent of gross domestic product was more realistic than the original goal of 4.4 percent but still fiscally demanding.
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Open Buying Rs 91.05
Open Selling Rs 91.25
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RUPEE IN LAHORE: The rupee showed stability and remained unchanged on buying side while it lost five paisa on selling side in relation to the greenback in the local currency market on Saturday.
According to the currency dealers, the dollar resumed trading at its day earlier closing of Rs.91.00 and Rs.91.20 as its buying and selling rates, respectively. There was no visible change in the dollar's rate during the day's trading. However, at the end of trading, the dollar was closed at Rs.91.10 and Rs.91.25 on buying and selling counters, respectively.
The rupee showed strength and was appreciated against the British pound. The pound's buying and selling rates were declined to Rs.143.85 and Rs.144.50 as compared to Friday closing of Rs.144.00 and Rs.145.00, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The value of dollar against the rupee remained unchanged at the local currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar resumed trading at Rs.91 (buying) and Rs.91.20 (selling) against same overnight value. Ever-favorite greenback did not witness any further change in the last trading hours and closed at Rs.91 (buying) and Rs.91.20 (selling).
Pound Sterling resumed trading at Rs.142 (buying) and Rs.142.50 (selling) against same previous rate. British currency did not observe further change in the evening session and closed at Rs.142 (buying) and Rs.142.50 (selling).
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