THE RUPEE: all-round gains

The rupee managed to gain against dollar and euro on the currency market in process of trading, dealers said. The rupee reversed its weakness versus dollar, gaining 20 paisa for buying and selling at 86.70 and 87.00, they said.
OPEN MARKET RATES: The rupee adopted the same path, gaining 30 paisa in terms of euro, for buying and selling at Rs 121.54 and Rs 122.04, they said.
At the weekend, euro eased from the seven-week peak it struck the prior session following a deal on Europe's debt crisis, after an Italian bond auction showed investors are sceptical about the proposed resolution. The euro slipped after the auction yield on new 10-year Italian government debt hit a new euro lifetime high. It was the first euro zone bond supply since European leaders struck a deal on anti-crisis measures this week.
The auction highlighted investor scepticism about the euro zone deal, which included an agreement that private banks and insurers accept 50 percent losses on their Greek debt holdings; a leveraging of the euro zone bailout fund and a recapitalisation of banks.

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Open Buying     Rs 86.70

Open Selling    Rs 87.00

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RUPEE IN LAHORE: The Pak rupee gained 50 paisa on buying side and 30 paisa on selling side in relation to dollar at Lahore currency market on Saturday.
According to dealers, the dollar closed at Rs 86.50 and Rs 87.00 against overnight Rs 87.00 and Rs 87.30 as buying and selling rates, respectively.
Similarly, the rupee recovered some of its losses against pound sterling. The pound's buying and selling rates decreased from Friday's Rs 138.30 and Rs 139.00 to Rs 138.20 and Rs 139.00 respectively, dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The value of rupee against the dollar remained unchanged 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 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 same 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