RECORDER REPORT
KARACHI: Recovery process persisted on the money market on Friday as the rupee gained further ground in terms of the dollar, dealers said.
INTER-BANK MARKET RATES: The rupee picked up 26 paisas against the dollar for buying and selling at Rs 104.43 and 104.48 respectively, dealer said.
OPEN MARKET RATES: The rupee followed the same track, rising by five paisas in terms of dollar for buying and selling at Rs 105.45 and Rs 105.65 respectively, they said. The rupee was available versus the euro for buying and selling at Rs 117.00 and Rs 118.25 respectively, they added.
In the final Asian trade, the dollar was on the back foot after taking a tumble following a surprise contraction in US manufacturing in August, casting some doubts on the strength of US economic growth ahead of the closely-watched employment data due later in the day.
The Institute for Supply Management (ISM) said its index of national factory activity fell 3.2 percentage points to a reading of 49.4, the first contraction since February.
The result was a setback for dollar bulls, who had bet solid US data this week would cement the case for an early rate hike by the Federal Reserve. The euro rose to $1.1195, having extended gains from Wednesday's three-week low of $1.1123.
The dollar was trading against the Indian rupee at Rs 66.84, the greenback was available at 4.0855 in terms of the Malaysian ringgit and the US currency was at 6.6798 in relation to the Malaysian ringgit.
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Open Bid Rs.105.45
Open Offer Rs.105.65
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
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Bid Rate Rs.104.43
Offer Rate Rs.104.48
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RUPEE IN LAHORE: The Pak rupee-dollar parity stayed unchanged amid sluggish trading trend on the local currency market on Friday.
According to the currency dealers, the dollar resumed trading at its overnight closing of Rs 105.70 and Rs 105.90 as its buying and selling rate, respectively.
The dollar did not observe any change in its demand and supply situation that helped rupee stability. The opening rates continued to prevail till close of trading, the dealers said.
Similarly, the rupee showed stability and remained unchanged against the pound sterling that was purchased and sold at its Thursday closing of Rs 136.80 and Rs 138.50, respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The value of rupee against the dollar remained unchanged at local currency establishments of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 104.50 (buying) and Rs 105 (selling) against same last rate. It did not observe further change in evening session and closed at Rs 104.50 (buying) and Rs 105 (selling).
Pound Sterling opened at Rs 137.50 (buying) and Rs 138 (selling). It did not observe further change in the second session and closed at Rs 137.50 (buying) and Rs 138 (selling) by the end of second session.
