THE RUPEE: New Year starts on positive note

The rupee commenced the New Year 2011 on a happy note against the dollar, it however, fell versus euro on the open market on Saturday, dealers said. The rupee gained sharply by 20 paisa against dollar for buying at 85.50 and rose by 10 paisa for selling at 85.70, they added.
The rupee, however, depreciated versus euro, losing Re.1 for buying and selling at Rs 113.90 and Rs 114.40, they said. They said that the rupee, failed to show any gain against the single European currency despite the euro's fall in the international market. At the weekend, the US dollar ended a volatile year on a bit firmer than where it began with investors gearing up for gains in early 2011 on expectations the US economic recovery was gaining momentum. The euro, which had its worst year against dollar since 2005, is likely to stay under pressure as the market focuses on Portugal, Spain and other euro zone countries struggling to address debt and banking problems.

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Buying           Rs 85.50

Selling          Rs 85.70

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RUPEE IN LAHORE: The Pak rupee remained under pressure and lost 15-paisa on buying side (Rs 85.65) and 10-paisa on selling side (Rs 85.80) against the greenback in kerb market on Saturday. According to the currency dealers, the dollar showed strength and recovered some of its earlier loss on account of buying support. The dollar was purchased and sold at Rs 85.65 and Rs 85.80, as compared to last Thursday's closing of Rs 85.50 and Rs 85.70, respectively, the dealers mentioned.
Likewise, the Pak rupee remained under pressure against the pound sterling. The pound was purchased and sold at Rs 132.00 and Rs 133.00, as compared to previous closing of Rs 131.50 and Rs 132.50, respectively, the dealers added.
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 resumed trading at Rs 85.55 (buying) and Rs 85.80 (selling) against the last rate of Rs 86.20 (buying) and Rs 86.30 (selling). It did not observe further change in the evening session and closed at Rs 85.55 (buying) and Rs 85.80 (selling). Pound Sterling opened at Rs 136.20 (buying) and Rs 136.70 (selling) in the morning session. It did not observe further change in the last trading hours and closed at Rs 136.20 (buying) and Rs 136.70 (selling).
Copyright Business Recorder, 2011