RECORDER REPORT
KARACHI: Dollar managed to recover some lost ground against the rupee on the back of payment requirements, dealers at the local currency market said on Friday.
The dollars were in demand that day to meet the payment requirements, experts said, adding it was most likely that the rupee might recover its loss in the near future.
Commenting on the recent revaluation of the dollar, he said that textile industry, particularly value-added sector was seeking government's support to shed the adverse impacts of sharp rise in value of the rupee in terms of the dollar.
An appreciation of 12 percent in the rupee's value from Rs 108 to Rs 96 would be an unbearable loss for the exports of value-added.
INTER-BANK MARKET RATES: The rupee dipped versus the dollar dropping 90-paisa for buying and selling at Rs 97.30 and Rs 97.35, dealers said.
OPEN MARKET RATES: The rupee followed suit in terms of the dollar, coming down sharply by Rs 1.40 for buying and selling at Rs 99.20 and Rs 99.40 respectively. It also failed to come out of weak spell against the euro, lost heavily for buying and selling at Rs 136.50 and Rs 136.75, they said.
In the final session of Asia, the yen slipped to a 10-day low against the dollar on Friday after speculators unwound some safe-haven trades following encouraging US economic data and on hopes for a diplomatic initiative seeking an end to violence in Ukraine. The dollar traded at 102.39 yen, and has ticked up in the past five sessions from a three-week low of 101.32 yen.
========================
Open Bid Rs.99.20
Open Offer Rs.99.40
========================
Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
========================
Bid Rate Rs.97.30
Offer Rate Rs.97.35
========================
RUPEE IN LAHORE: The Pak rupee remained weak and was declined against both the major currencies like greenback and pound sterling on the local currency market on Friday.
According to the currency dealers, the dollar commenced trading on a positive sign and witnessed considerable gain during the day's trading. The dollar was closed further higher at Rs 98.50 and Rs 98.75 as its buying and selling rates against Rs 97.75 and Rs 98.00 of Thursday, respectively.
Likewise, the rupee remained under pressure for another day and lost its worth against the British pound. The pound's buying and selling rates were improved from overnight closing of Rs 163.60 and Rs 163.85 to Rs 164.25 and Rs 164.50, respectively, the dealers said.
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.
RECORDER REPORT
KARACHI: Dollar buying and selling rate in the kerb market in rupees on Friday (April 18, 2014).
========================
Open Bid Rs.99.20
Open Offer Rs.99.40
========================
Dollar's rate in interbank market
RECORDER REPORT
KARACHI: Interbank closing rates for dollar on Friday (April 18, 2014).
========================
Bid Rate Rs.97.30
Offer Rate Rs.97.35
========================
