The rupee was under pressure in relation to the dollar on the money market on Friday owing to surge in demand for the US currency, dealers said. Money experts attributed the fall in the value of the rupee to strong buying of the dollar by investors to invest in purchasing of the yellow metal, adding now the next trend in the market will come up in times to come.
INTERBANK MARKET RATES: The rupee extended fall against the dollar, losing 30-paisa for buying and selling at Rs 102.00 and Rs 102.20 respectively. It also dropped 25-paisa against the euro for buying and selling at Rs 127.25 and Rs 127.50 respectively, they said.
OPEN MARKET RATES: The rupee followed the suit shedding four-paisa versus dollar for buying and selling at Rs 101.74 and Rs 101.76, they said.
In the final Asian session, the dollar was broadly higher in Asian trade, notching a fresh seven-year high against the yen as investors increased bets that Japan’s leader would call an election and delay a sales tax hike.
The dollar index rose about 0.4 percent on the day to 88.061, on track for a weekly gain, and pushing closer to its high touched one week ago of 88.190, its loftiest peak since June 2010.
The dollar was trading against the Indian rupee at Rs 61.63, the greenback was at 3.3450 versus the Malaysian ringgit and the US currency was available at 6.1292 in relation to the Chinese yuan.
Open Bid Rs 102.00
Open Offer Rs 102.20
Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
Bid Rate Rs.101.74
Offer Rate Rs.101.76
RUPEE IN LAHORE: The Pak rupee continued to remain under pressure, as it further lost 45-paisa against the US dollar on the local currency market on Friday.
According to the currency dealers, the dollar’s demand remained intact for another day that helped its appreciation in the open market. The dollar was closed further higher at Rs 102.20 and Rs 102.45 on buying and selling counter against Rs 101.75 and Rs 102.00 of Thursday, respectively, the dealers said.
On the contrary, the rupee maintained upward slide for the second day and was improved against the pound sterling. The pound’s buying and selling rates were declined from the day earlier closing of Rs 160.50 and Rs 160.75 to Rs 160.25 and Rs 160.50, respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 103 (buying) and Rs 103.10 (selling) against same overnight rate. It did not observe further change in the second session and closed at Rs 103 (buying) and Rs 103.10 (selling).
Pound Sterling opened at Rs 164 (buying) and Rs 164.10 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 164 (buying) and Rs 164.10 (selling).