THE RUPEE: rates stay put

The open market ended the week on positive note on Saturday as the rupee most of the time held the week-long levels versus dollar in process of trading, dealers said. The rupee picked up two paisa in relation to dollar for buying and selling at 90.75 and 90.77, dealers said.
INTERBANK MARKET: OPEN MARKET RATES: The rupee retained the overnight levels in relation to dollar for buying and selling at 90.90 and 91.10, they said. Vrsus euro the rupee gained Rs 1.02 for buying and selling at Rs 118.78 and Rs 119.28, they said.
At the weekend dollar soared, its best showing against major currencies this year, with strong jobs data suggesting the US economy was on the mend even as other economies struggle. The greenback neared an 11-month peak above 82 yen and was on track for a fifth straight weekly gain against Japan's currency, its best run in almost five years. Fear of a euro zone recession, meanwhile, knocked euro to a three-week low of $1.3095, overshadowing the completion of a debt swap that cut Greece's debt burden and cleared the way for more emergency aid, adds Reuters.

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Open Buying     Rs 90.90

Open Selling    Rs 91.10

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RUPEE IN LAHORE: The Pak rupee remained under pressure and was declined by 10 paisa on buying side while its selling rate stayed unchanged in the local currency market on Saturday.
According to the currency dealers, the dollar resumed trading at its overnight closing of Rs 90.90 and Rs 91.20 as its buying and selling rates, respectively. The dollar showed strength and was ended at Rs 91.00 on buying counter while its selling rate remained unchanged at Rs 91.20.
However, the rupee showed strength and was improved against the British pound. The pound's buying and selling rates were slide down from Friday closing of Rs 143.00 and Rs 143.80 to Rs 142.20 and Rs 143.20, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened trading at Rs 91 (buying) and Rs 91.20 (selling) against same previous rate. It did not observe any further fluctuation in the evening 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 previous rate. 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