THE RUPEE: firm trend

Firmness prevailed on the money market on Saturday as the rupee resisted fall against the greenback despite the rising demand for dollars, dealers said. The rupee sustained overnight levels versus the dollar for buying and selling at Rs 99.70 and Rs 99.90 respectively, dealers said.
INTERBANK MARKET RATES: While, the rupee slipped in terms of the euro, losing 20-paisa for buying and selling at Rs 136.00 and Rs 136.25 respectively, they said. At the week-end, the dollar retreated from recent highs against other major currencies and closed lower as traders braced for potentially market-moving meetings next week by the European Central Bank (ECB) and other monetary policymakers. The dollar, as tracked by the US dollar index of a half dozen currency pairs, was last off 0.18 percent at 80.353. Earlier this week, the index was at highs not seen since early April.

Open Market Rates: Open Market Rates For Dollar on Saturday.

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Bid Rate        Rs 99.70

Offer Rate      Rs 99.90

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RUPEE IN LAHORE: The Pak rupee failed to maintain upward slide and lost 10-paisa against the US dollar on the local currency market on Saturday.
According to the currency dealers, the dollar was opened on a healthy note and kept on rising following fresh demand. The dollar was ended higher at Rs 99.70 and Rs 99.95 as its buying and selling rates against Rs 99.60 and Rs 99.85 of Friday, respectively.
Similarly, the rupee remained under pressure and was declined against the British pound. The pound's buying and selling rates were improved from overnight closing of Rs 166.75 and Rs 167.00 to Rs 167.00 and Rs 167.25, respectively, the dealers said.
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 98.50 (buying) and Rs 98.60 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 98.50 (buying) and Rs 98.60 (selling).
Pound Sterling opened at Rs 165 (buying) and Rs 165.50 (selling) against same last rate. It closed at the same rate without further change by the end of evening session.
Copyright Business Recorder, 2014