THE RUPEE: rising trend persists

Upward trend persisted on the currency market on Saturday in process of trading, dealers said. The rupee retained the present trend against dollar, gaining 15 paisa for buying at 89.15 and picked up 10 paisa for selling at 89.50, they said.
OPEN MARKET RATES: Versus euro the rupee gained 34 paisa for buying and selling at Rs 116.24 and Rs 116.74, they said.
Reuters adds: At the weekend, dollar closed the week lower against a currency basket, and more losses were likely next week as portfolio managers rebalance their portfolios for the year-end after gains in US assets.
Because of a rise in US stocks and Treasuries this year, asset managers hold more dollars relative to their benchmarks. As a result, they would have to sell dollars to balance their portfolios for the end of the year, analysts said.

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Open Buying     Rs 89.15

Open Selling    Rs.89.50

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RUPEE IN LAHORE: The rupee gained 15 paisa on selling side against dollar in Lahore currency market on Saturday. According to dealers, dollar resumed trading at overnight Rs 89.20 and Rs 89.70 as buying and selling rates, respectively, and ended at Rs 89.20 and Rs 89.55 as buying and selling rates, respectively.
Likewise, the rupee continued upward slide and further appreciated its worth against British pound. The pound's buying and selling rates were declined to Rs 138.80 and Rs 139.40, as compared to Friday closing of 139.30 and Rs 140.30, respectively, dealers said.
Copyright Business Recorder, 2011