THE RUPEE: firm trend

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-File Photo


Steadier trend was seen on the money market on Friday as the rupee did not move sharply versus the dollar, dealers said. The rupee stayed put in relation to the dollar for buying and selling at Rs 105.90 and Rs 106.10, however it picked up five paisas in terms of the euro for buying and selling at Rs 118.25 and 119.75 respectively, they said.

OPEN MARKET RATES: INTER-BANK MARKET RATES: The rupee shed two paisas in terms of the dollar for buying and selling at Rs 104.85 and Rs 104.86 respectively, they said.

In the final Asian trade, Sterling fell after a poll showed a narrowing lead for British Prime Minister Theresa May over her opposition ahead of elections next month, while weakness in oil prices dragged on commodity-linked currencies.

In a sign that the June 8 election could be more closely contested than previously thought, a YouGov poll published on Thursday showed that the opposition Labour Party had cut the lead of May’s Conservatives to five points.

Sterling fell 0.5 percent to $1.2884, pulling further away from its May 18 peak of $1.3048, the pound’s strongest level since September last year.

The assumption that a landslide election win for May would strengthen her hand over hard-line Brexiteers in her ruling party and allow her to negotiate a smoother departure from the European Union, had been a source of support for sterling.

That view, however, has been challenged by recent opinion polls that showed a slide in the lead of the Conservatives. The dollar was trading against the Indian rupee at Rs 64.610, the greenback was available at 4.275 in terms of the Malaysian ringgit and the US currency was at 6.858 versus the Chinese yuan.


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Open Bid       Rs 105.90

Open Offer     Rs 106.10

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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.

 


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Bid Rate       Rs 104.85

Offer Rate     Rs 104.86

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RUPEE IN LAHORE: The Pak rupee staged a modest recovery in relation to the greenback in the local currency market on Friday.

The dollar resumed trading at its day earlier closing of Rs 106.10 and Rs 106.30 as its buying and selling rate, respectively. In the absence of buyers’ interest, the dollar could not sustain and declined to Rs 105.95 and Rs 106.25 on buying and selling counter, respectively.

Similarly, the rupee regained some of its earlier loss and appreciated its worth against the pound sterling that was purchased and sold at Rs 135.70 and Rs 136.50 as compared with previous closing of Rs 137.10 and Rs 137.50, respectively, the currency dealers said.

RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee did not any side against the dollar at the open currency markets of Islamabad and Rawalpindi here on Friday.

The dollar opened at Rs 105.90 (buying) and Rs 106 (selling) against last rate of Rs 106.05 (buying) and Rs 106.15.

It closed at Rs 105.90 (buying) and Rs 106 (selling). Pound Sterling opened at Rs 135 (buying) and Rs 135.50 (selling). It closed at the same rate.-Business Recorder

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