The rupee played both sides against the dollar on the currency market on Friday, dealers said. Commenting on the recent move by the State Bank of Pakistan (SBP), in which it allowed export of foreign currencies except dollars, some experts said the decision would ease pressure of dollar buying. Besides, Exchange Companies Association of Pakistan (ECAP) Chairman Malik Bostan said it is most likely that the rupee to trade within the band of Rs 98.00 and Rs 98.20 versus the dollar.
INTERBANK MARKET RATES: The rupee lost 17-paisa in relation to the dollar for buying at Rs 98.75 and the national currency also fell by 10-paisa for selling at Rs 98.78, they said.
OPEN MARKET RATES: The rupee, however, fell by 20-paisa versus the dollar for buying and selling at Rs 99.00 and Rs 99.20 respectively. It rose by 90-paisa against the euro for buying and selling at Rs 134.10 and Rs 134.35 respectively, they said. In the final Asian trade, the dollar held firm at one-week highs, having pulled sharply ahead of its peers after surprisingly strong US jobs growth added to hopes the economy is pulling out of a first quarter slump.
The dollar index climbed as far as 80.315 after US employers blew away most forecasts by adding 288,000 jobs last month. It was last at 80.205, well off an eight-week trough of 79.740 plumbed earlier in the week. The dollar was trading against the Inian rupee at Rs 59.76, the greenback was available at 59.73 in terms of the Malaysian ringgit and the US currency was at 6.207 versus the Chinese yuan.
Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
RUPEE IN LAHORE: The Pak rupee recovered some of its earlier loss and was improved by five-paisa against the US dollar on the local currency market on Friday.
According to the currency dealers, the dollar resumed trading at its day earlier closing of Rs 99.25 and Rs 99.50 as its buying and selling rate, respectively. In the absence of buyers’ interest, the dollar could not sustain and was marginally declined to Rs 99.20 and Rs 99.45 on buying and selling side, respectively, the dealers said.
Similarly, the national currency also staged recovery and was appreciated against the pound sterling. The pound was purchased and sold at Rs 169.30 and Rs 169.55 compared with Thursday closing of Rs 169.50 and Rs 169.75, 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.