The rupee: Not much fluctuation

RECORDER REPORT

KARACHI: No major changes were seen on the currency market on Friday as the rupee almost retained its overnight levels in process of trading, money experts said.

INTER-BANK MARKET RATES: The rupee inched down in relation to dollar, losing three paisa against the dollar for buying at 90.28 and shed two paisa for selling at 90.32, they said.

OPEN MARKET RATES: The rupee maintained its overnight levels against dollar for buying and selling at 91.20 and 91.50, they said.

The rupee, however, dropped sharply versus euro, losing Rs 1.59 for buying at Rs 116.80 and Rs 1.48 for selling at Rs 117.30, they said.

In the final Asian trade euro rose versus dollar on Friday, its gains accelerated by stop-loss buying, with mounting hopes for a Greek bond swap deal also lending the single currency support.

The euro had been supported by short-covering after debt sales in Spain and Italy the previous day drew solid demand, and added to its gains late in the Asian session after triggering stops near $1.2850/60, traders said. The dollar was trading versus the Induan rupee at Rs 51.42, the greenback was available at 3.1290 in terms of the Malaysian ringgit and the US currency was at 6.3099 in relation to the Chinese yuan, Reuters adds.

LAHORE

The Pak rupee recovered some of its day earlier loss and gained 20-paisa on buying side while it remained unchanged on selling side against the dollar in the local currency market on Friday.

According to the currency dealers, the dollar resumed trading at its overnight closing of Rs 91.50 and Rs 92.00 on buying and selling counters, respectively. However, it could not maintain upward slide and was ended at Rs 91.30 and Rs 92.00 on buying and selling side, respectively.

The rupee also showed strength and appreciated its worth against the British pound. The pound's buying and selling rates were decreased to Rs 139.50 and Rs 140.50, as compared to Thursday closing of Rs 140.00 and Rs 141.00, respectively, dealers added.

ISLAMABAD

The dollar remained firm against the rupee at the open currency markets of Islamabad and Rawalpindi here on Friday.

The dollar opened at Rs 89.00 (buying) and Rs 89.20 (selling) against the last rate. It did not observe further change in the second session and closed at Rs 89.00 (buying) and Rs 89.20 (selling).

Pound Sterling opened at Rs 138.00 (buying) and Rs 138.90 (selling) against the last rate. It did not observe further change in the evening session and closed at Rs 138.00 (buying) and Rs 138.90 (selling).