The rupee crossed the barrier of Rs 103 versus the dollar on the open market on Friday due to strong demand for the US currency, dealers said. The higher rate of the dollar shows that difference between the open and interbank markets was widening, but it was difficult to predict that how far that trend would continue, other experts said.
INTERBANK MARKET RATES: The rupee picked up six-paisa against the dollar for buying and selling at Rs 101.74 and Rs 101.76, they said. In the final Asian trade, Asian currencies were mostly steady to lower versus the dollar on Friday as uncertainty over the fate of Greece’s negotiations with international lenders hurt risk sentiment.
The Malaysian ringgit reversed its early gains and was down 0.2 percent at 3.7520 to the dollar. The ringgit, which set a nine-year low of 3.7680 on Monday, was off about one percent for the week. The dollar was trading against the Indian rupee at Rs 64.04, the greenback was at 3.7520 in terms of the Malaysian ringgit and the US currency was available at 6.2070.
OPEN MARKET RATES: The rupee dropped 20-paisa in relation to the dollar for buying and selling at Rs 103.00 and Rs 103.20 respectively, however it gained 50-paisa in terms of the euro for buying and selling at Rs 103.00 and Rs 103.20, they said.
Open Bid Rs 103.00
Open Offer Rs 103.20
Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
Bid Rate Rs 101.74
Offer Rate Rs 101.76
RUPEE IN LAHORE: The rupee failed to keep going up and lost 10 paisas on Friday, but the dollar gained following fresh demand and ended higher at Rs 102.70 and Rs 102.95 as its buying and selling rate against Rs 102.60 and Rs 102.85 of Thursday. The rupee recovered some of its earlier losses and improved against the British pound which was traded at Rs 158.50 and Rs 158.75 on buying and selling side compared with previous closing of Rs 158.75 and Rs 159.00.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged on the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 101.75 (buying) and Rs 101.85 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 101.75 (buying) and Rs 101.85 (selling).
Pound Sterling opened at Rs 155 (buying) and Rs 155.50 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 155 (buying) and Rs 155.50 (selling).