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THE RUPEE: dollar moves up.
Byline: RECORDER REVIEW
A persisting demand for dollar kept the rupee under pressure during the week, ended on 14 July, 2012. In interbank market, the rupee drifted lower versus dollar, losing 30 paisa for buying and selling at 94.35 and 94.40.
In the open market the rupee suffered sharp fall against dollar, falling Re.1 for buying and selling at 95.00 and 95.20. While the rupee retained levels in terms of the euro for buying and selling at Rs 115.80 and Rs 116.80.
Some major payments forced the rupee to give up its gains against dollar and if demand emerges for dollar, this factor may further depreciate the rupee.
According to the State Bank of Pakistan (SBP), as a result of rising demand for the greenback, country's foreign exchange reserves have dropped by 328 million dollars.
INTER-BANK MARKET RATES: On Monday, the rupee did not show any change against dollar for buying and selling at 94.05 and 94.10.
On Tuesday, the rupee lost …
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