The rupee recovered modestly against the dollar in the currency market on Saturday, dealers said. The rupee gave up overnight weakness in relation to the dollar, gaining five paisa versus the dollar for buying and selling at 97.20 and 97.40, they said. The rupee also picked up 25 paisa against the euro for buying and selling at Rs 125.00 and Rs 126.00, they added.

OPEN MARKET RATES: At the weekend, the dollar edged higher against the euro on Friday after a government report showed US employment grew more than expectations in November, but the less encouraging details limited the gains. The dollar had soared immediately after the data as the stronger-than-expected headline number stoked speculation the Federal Reserve could opt for a smaller stimulus programme next week. However, it pared gains versus the euro and turned slightly lower against the yen as traders scrutinised the details.

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Open Buying     Rs 97.20

Open Selling    Rs 97.40

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

RUPEE IN LAHORE: The national currency showed stability on buying side while it was marginally declined on selling side against the US dollar on the local currency market on Saturday, dealers said. According to the currency dealers, the dollar resumed trading at its day earlier closing of Rs 97.30 and Rs 97.55 as its buying and selling rates, respectively. The dollar witnessed no visible change in its value during the day. However, on the close of trading, the dollar remained unchanged at Rs 97.30 on buying counter, while it was marginally improved to Rs 97.60 on selling side.

Similarly, the rupee remained under pressure and was depreciated against the pound sterling. The pound was purchased and sold at Rs 155.00 and Rs 156.00 as compared to overnight closing of Rs 154.90 and Rs 155.50, respectively, the dealers said.

RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against dollar at the open currency markets of Islamabad and Rawalpindi here on Saturday. The dollar opened at Rs 96.90 (buying) and Rs 97 (selling) against same last rate. It did not observe further change in the evening session and closed at Rs 96.90 (buying) and Rs 97 (selling). Pound Sterling opened at Rs 153 (buying) and Rs 153.50 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 153 (buying) and Rs 153.50 (selling).

Copyright Business Recorder, 2012