The rupee fluctuated but cautiously versus the dollar on the local currency market in the absence of motivating factors, dealers said on Friday. By and large the whole nation is worried about the prevailing situation in the country due to rising uncertainties both on economic and political fronts, experts said.
INTERBANK MARKET RATES: The rupee shed two-paisa versus the dollar for buying at Rs 98.60 and it also fell by five-paisa for selling at Rs 98.65, they said.
OPEN MARKET RATES: The rupee held its overnight level against the dollar for buying at Rs 99.70 while it inched up by five-paisa for selling at Rs 99.85, dealers said. The rupee dropped its value in relation the euro, losing 55 paisa for buying and selling at Rs 135.80 and Rs 136.05, they said.
In the final Asian trade, the euro held steady on Friday after a dramatic rebound from a four-month trough the previous day as investors booked profits after the European Central Bank (ECB) eased policy in a long-anticipated move.
The euro last traded at $1.3659, having recovered from a trough of $1.3503 set on Thursday shortly after the ECB cut interest rates to record lows, taking its deposit rate into negative territory for the first time. The dollar was trading against the Indian rupee at Rs 59.19, the greenback was at 3.2150 in terms of the Malaysian ringgit and the US currency was available at 6.2516 versus the Chinese yuan.
Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
RUPEE IN LAHORE: The national currency remained under pressure and was declined against the major currencies including US dollar and British pound on the local currency market on Friday.
According to the currency dealers, the dollar commenced trading on a positive note and kept on rising during the day. At close of trading, the dollar’s buying and selling rates were increased from overnight closing of Rs 99.60 and Rs 99.90 to Rs 99.70 and Rs 99.95, respectively, the dealers said.
Likewise, the national currency remained weak, as the Pak rupee depreciated its worth against the pound sterling that was traded at Rs 167.25 and Rs 167.50 on buying and selling counter, compared with Thursday closing of Rs 167.00 and Rs 167.25, respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar on the open currency markets of Islamabad and Rawalpindi here on Wednesday.
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.