THE RUPEE: dollar over 88

Higher demand for dollar, pushed the rupee to cross the barrier of 88 in the open market on Saturday, dealers said. The rupee lost 20 paisa against dollar for buying and selling at 87.85 and 88.05, they said. Commenting on the falling trend on the money market some experts were of the view that the national currency may continue decline on rising demand for dollars to meet the import payments.
RUPEE IN KARACHI: The rupee, however, maintained its overnight bullish trend versus euro, gaining 43 paisa for buying and selling at Rs 116.03 and Rs 116.53, they said. At the week-end, the euro fell to its lowest in more than seven weeks against the US dollar and was poised to weaken further after a disappointing Italian bond auction stoked fears the euro zone crisis was deepening.
Italy paid a record 6.5 percent to borrow money over six months on Friday and its longer-term funding costs soared far above levels that are seen as sustainable. The rise in borrowing costs came even as the European Central Bank bought bonds in the secondary market.

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Open Buying     Rs 87.85

Open Selling    Rs 88.05

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RUPEE IN LAHORE: The Pak rupee remained under pressure and further lost 30-piasa on buying side and 20-paisa on selling side against the dollar in the local currency market on Saturday.
According to the currency dealers, the rupee could not get out of the pressure mainly on account of continued demand for dollar. The dollar was ended higher at Rs 88.00 and Rs 88.40, as its buying and selling rates against the Friday closing of Rs 87.70 and Rs 88.20, respectively.
However, on the contrary, the rupee recovered some of its earlier loss and appreciated its worth against the British pound. The pound's buying and selling rates were declined from previous closing of Rs 136.10 and Rs 136.80 to Rs 136.00 and Rs 136.40, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar 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 the 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 the 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