Strong demand for dollars forced the rupee to surrender its gains against the US currency on the money market on Friday, dealers said. The rupee dropped by 17-paisa in relation to the dollar for buying at Rs 98.72 and it also shed 15-paisa for selling at Rs 98.75, dealers said.
INTERBANK MARKET RATES: OPEN MARKET RATES: The rupee extended its losses versus the dollar, losing 15-paisa for buying at Rs 99.75 and the national currency also slipped by five-paisa for selling at Rs 99.85, they said.
The rupee also depreciated by 35-paisa in terms of the euro for buying at Rs 137.60 and it fell by 25-paisa for selling at Rs 137.75, they said.
In the fourth Asian trade, dollar crawled slightly higher against a basket of major currencies on Thursday but stayed close to a three-week low hit in the previous session, when data showed the US economy all but stalled in the first quarter. With much of Asia shut for public holidays, and ahead of the key US jobs report on Friday, major currencies mostly stuck to their recent ranges.
In the final Asian trade, the dollar hovered above a three-week low against a basket of major currencies on Friday, as investors stayed on the sidelines ahead of a closely watched US jobs report and appeared unmoved by clashes between Ukrainian forces and pro-Russian separatists. The dollar index held steady at 79.543, having fallen to 79.414 on Thursday, its lowest since April 11. Investors had sold the greenback after data on Wednesday showed the US economy stalled in the first quarter. The dollar was trading against the Indian rupee at Rs 60.21, the greenback was at 3.2655 in terms of the Malaysian ringgit and the US currency was available at 6.259 in relation to the Chinese yuan.
Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
RUPEE IN LAHORE: The national currency remained under pressure, as was depreciated against the major currencies including US dollar and British pound on the local currency market on Friday.
According to the currency dealers, the dollar was opened on a healthy note and registered gain following fresh buying. As a result, the dollar was ended higher at Rs 99.65 and Rs 99.90 as its buying and selling rate against Rs 99.50 and Rs 99.75 of Wednesday, respectively, the dealers said.
Similarly, the rupee stayed depressed and was declined against the pound sterling. The pound was purchased and sold at Rs 167.60 and Rs 167.85 compared with previous closing of Rs 166.75 and Rs 167.00, 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 for buying and Rs 98.60 for selling against same 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.
Pound Sterling opened at Rs 173 (buying) and Rs 173.50 (selling) against same last rate. It closed at the same rate without further change by the end of evening session.