Bears dominated the money market on Friday as the rupee tended lower against the dollar in the process of trading, dealers said. “The rising demand for dollars pushed the rupee down, in the meantime the national currency may resist sharp fall despite the fact that the country’s foreign exchange reserves fell last week,” they said.
INTER-BANK MARKET RATES: The rupee lost 11-paisa in relation to the dollar for buying and selling at 98.93 and Rs 98.95 respectively, they said.
OPEN MARKET RATES: The rupee followed the same print in terms of the dollar, losing 10-paisa for buying and selling at Rs 98.80 and Rs 99.00 respectively; however it gained Rs 1.10 versus the euro for buying and selling at Rs 134.35 and Rs 134.60 respectively, they said.
In the final Asian trade, the yen hit a five-month high versus the euro and held some of its overnight gains against the dollar as investors saw the currency as a safe haven after the downing of an airliner over Ukraine and the Gaza conflict stoked geopolitical tension. The Malaysian Airlines passenger jet was brought down over eastern Ukraine. The dollar was trading against the Indian rupee at Rs 60.17, the US currency was available at 3.1880 in relation to the Malaysian ringgit and greenback was at 6.2042 versus the Chinese yuan.
Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
RUPEE IN LAHORE: The Pak rupee-dollar parity remained unchanged amid low trading activity on the local currency market on Friday.
According to the currency dealers, the dollar resumed trading at its day earlier closing of Rs 98.75 and Rs 99.00 as its buying and selling rate, respectively. The dollar did not observe any change in its demand and supply situation during the day. As a result, the opening rates continued to prevail till close of trading, the dealers said.
However, the rupee continued upward slide for another day and was improved against the British pound. The pound was traded at Rs 168.50 and Rs 168.75 on buying and selling counter against Rs 168.75 and Rs 169.00 of Thursday, 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.