THE RUPEE: steadier trend

In the absence of major payment the rupee managed to recover modestly against the dollar in process of trading, dealers said on Wednesday. The rupee inched up versus the dollar, gaining six paisa for buying at 90.76 and it also rose by eight paisa for selling at 90.78, they said.
INTERBANK MARKET: OPEN MARKET RATES: The rupee also followed the same trend in terms of the greenback, picking up 10 paisa for buying and selling at 91.00 and 91.20, they said. The rupee, however, came under pressure in relation to the euro, shedding 50 paisa for buying and selling at Rs 120.50 and Rs 121.50, they added. In the third Asian trade, the yen edged higher against the dollar on Wednesday, supported by seasonal flows from Japanese exporters who bought the yen with the end of their financial year approaching.
The dollar fell 0.3 percent to 82.92 yen, while the euro eased 0.2 percent to 110.52 yen to inch away from a 4-1/2 month high of 111.43 yen hit last week on trading platform EBS. The Indian rupee pulled back from the session's low on as exporters selling dollars aided, but remained weak on the back of high demand for the greenback from oil importers and negative shares that accentuated foreign fund outflow fears. The rupee ended at 50.7750/7850 to the dollar, weaker than Tuesday's close of 50.735/745, after touching a low of 51.02.
The yuan closed slightly higher against the dollar and the People's Bank of China (PBOC) fixed a slightly weaker mid-point, signaling it may favour a pull-back in coming days after setting the mid-point at record highs in recent sessions. Still, traders believe the government will allow the yuan to appreciate about 0.7 percent against the dollar in the first half of this year, guiding it to move in a relatively wide range of 6.25 to 6.35.

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Open Buying     Rs 91.00

Open Selling    Rs 91.20

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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.

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Buying          Rs.90.76

Selling         Rs.90.78

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RUPEE IN LAHORE: The Pak rupee was marginally declined by five-paisa on buying side while it stayed unchanged on selling side against the greenback in the local currency market on Wednesday. According to the moneychangers, the dollar resumed trading at its overnight closing of Rs 91.00 and Rs 91.25 as its buying and selling rates, respectively. The dollar witnessed no visible change in its value during the day's trading. However, ahead of closing of trading, the dollar's buying rate was ended at Rs 91.05 while its selling rate remained unchanged at Rs 91.25. The rupee-pound sterling parity remained unchanged amid low trading activity in the open market. The dollar was purchased and sold at its day earlier closing of Rs 143.50 and Rs 144.50, respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi here on Wednesday. The dollar opened at Rs 91 (buying) and Rs Rs 91.20 (selling) against same previous rate. It did not observe any further change in the second 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