The rupee maintained its surge against the dollar on the money market on Friday on strong supply of the US currency, dealers said.
INTER-BANK MARKET RATES: The rupee picked up more 65-paisa in terms of dollar for buying at Rs 96.55 and it also appreciated by 70-paisa for selling at Rs 96.60, dealers said.
OPEN MARKET RATES: The rupee sustained overnight levels versus the dollar for buying and selling at Rs 99.30 and Rs 99.50 respectively. It also rose by one rupee against the euro for buying and selling at Rs 135.00 and Rs 135.50.
In the final Asian trade, the dollar is on track of its biggest weekly fall in nine-months early, having given up all of its recent gains as markets become increasingly convinced that any interest rate hike by the Federal Reserve is still a long way off.
Minutes from the Fed’s March meeting released mid-week appeared to have hit home the message that the US central bank is nowhere near tightening even as it has begun to unwind its bond-buying stimulus.
The dollar was available against the Indian rupee at Rs 60.25, the greenback was at 3.2375 in terms of the Malaysian ringgit and the US currency was at 6.2120 in relation to the Chinese yuan.
Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
RUPEE IN LAHORE: The Pak rupee remained strong and appreciated its worth against the US dollar and British pound on the local currency market on Friday.
According to the currency dealers, the dollar was opened on a depressed note and remained under pressure due to lacking buying support. At close of trading, the dollar was ended lower at Rs 98.50 and Rs 99.00 as its buying and selling rates against Rs 99.80 and Rs 100.05 of Thursday, respectively.
Similarly, the rupee was improved against the pound sterling that was traded at Rs 165.00 and Rs 165.25 on buying and selling counters compared with previous closing of Rs 166.00 and Rs 166.25, respectively, the dealers added.
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 98.50 for buying and Rs 98.60 for selling against last rate. It did not observe further change in the second session and closed at Rs 98.50 for buying and Rs 98.60 for selling.
Pound Sterling opened at Rs 165 for buying and Rs 165.50 for selling against same last rate. It closed at the same rate without further change by the end of evening session.