On the back of dollar’s weakness, the rupee sustained its commanding position versus the greenback on the money market on Friday, dealers said. Market sources said reserves were very close to touch the mark of 10 billion dollars, adding the appreciation was attributed to receipt from multinational and other official sources.
The rupee gained approximately seven percent within one month, they said, indicating that it would gain further strength against the dollar in days to come.
INTERBANK MARKET RATES: The rupee picked up four-paisa in relation to the dollar for buying and selling at Rs 98.14 and Rs 98.18 respectively, dealers said.
OPEN MARKET RATES: The rupee rose 300-paisa against the dollar for buying and selling at Rs 99.90 and Rs 100.10 respectively, however it was down by 60-paisa versus the euro for buying Rs 139.20 and it shed 50-paisa for selling at Rs 139.50, they said.
In the final Asian trade, the dollar hovered near a three-week peak against a basket of major currencies on Friday, but could struggle to extend gains as investors awaited more clarity on the Federal Reserve’s policy path. Fed officials including Richard Fisher, James Bullard and Narayana Kocherlakota are all due to speak later on Friday, after Fed Chair Janet Yellen surprised markets mid-week by suggesting the possibility of raising interest rates early next year. The dollar was trading against the Indian rupee at Rs 61.04, the greenback was available at 3.3080 in terms of the Malaysian ringgit and the greenback was at 6.224 in terms of the Chinese yuan.
Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
RUPEE IN LAHORE: The Pak rupee stayed unchanged against the greenback amid sluggish trading trend on the local currency market on Friday.
According to the currency dealers, the dollar witnessed no change in its buying and selling situation that helped rupee stability. The dollar was traded at its day earlier closing of Rs 100.50 and Rs 101.50 on buying and selling counters, respectively.
However, the rupee showed strength, as it appreciated its worth against the pound sterling. The pound’s buying and selling rates were slide down from Thursday closing of Rs 167.00 and Rs 168.50 to Rs 166.50 and Rs 168.00, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained firm against the dollar on the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 100 for buying and Rs 100.10 for selling against same last rate. It did not observe further change in the second session and closed at Rs 100 for buying and Rs 100.10 for selling.
Pound Sterling opened at Rs 165 for buying and Rs 165.50 for selling against same last rate. It closed at the same rate without further change by the end of evening session.