Divergent trend was seen on the money market on Friday as the rupee moved both ways versus the dollar, dealers said.
INTER-BANK MARKET RATES: The rupee surrendered overnight gains against the dollar, losing seven-paisa for buying at Rs 98.32 and it also shed four-paisa for selling at Rs 98.34, they said.
OPEN MARKET RATES: The rupee, however, rose by five-paisa in relation to the dollar for buying and selling at Rs 99.70 and Rs 99.90. The rupee also gained 25-paisa against the euro for buying and selling at Rs 135.00 and Rs 135.25, they said.
In the final Asian trade, the dollar remained under pressure but managed to win back some lost territory after upbeat US data helped temper the fallout from the Federal Reserve’s surprisingly dovish policy outlook.
Data offering more evidence the US economy was recovering from a disastrous first quarter helped lift the dollar index to 80.256 from a one-month trough of 80.147. Still, it was down 0.25 percent on the week, its biggest decline in two months.
The dollar was trading against the Indian rupee at Rs 60.27, the greenback was at 3.2180 in terms of the Malaysian ringgit and the US currency was available at 6.2274 in relation to the Chinese yuan.
======================== Open Bid Rs 99.70 Open Offer Rs 99.90 ========================
Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
======================== Bid Rate Rs 98.32 Offer Rate Rs 98.34 ========================
RUPEE IN LAHORE: The Pak rupee-dollar parity stayed unchanged amid low trading activity on the local currency market on Friday.
According to the currency dealers, the dollar resumed trading at its day earlier closing of Rs 99.65 and Rs 99.90 as its buying and selling rates, respectively. The dollar did not observe any change in its demand and supply situation. As result, the dollar was ended at the opening level, the dealers said.
Similarly, the rupee remained weak and was declined on buying side while it remained unchanged on selling side in relation to the pound sterling. The pound was purchased and sold at Rs 169.25 and Rs 169.50 compared with Thursday closing of Rs 168.90 and Rs 169.50, 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 Friday.
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.