RECORDER REPORT
KARACHI: The rupee posted fresh gains in terms of the dollar and euro on the money market on Friday in the process of trading, dealers said.
INTER-BANK MARKET RATES: The rupee managed to gain 12-paisa against the dollar for buying and selling at Rs 104.53 and Rs 104.56 respectively, they said.
OPEN MARKET RATES: The rupee followed the same pattern picking up 10-paisa versus the greenback for buying and selling at Rs 105.90 and Rs 106.10 respectively, they said.
The rupee after a long-time gave up weakness in terms of the euro, recovering Rs 1.20 for buying and selling at Rs 118.60 and Rs 119.60 respectively, they added.
In the final Asian trade, the dollar fell on Friday headed for steep weekly losses, as investors braced for another day of catering sentiment and waited to see whether Japan would act to stem its currency's rise.
Japanese markets were closed for a public holiday on Thursday, when the dollar fell as low as 110.985 yen, its lowest level since October 2014. It last stood at 112.05 yen, down 0.3 percent and on track to shed over 4 percent for the week.
The yen’s recent rapid ascent followed the Bank of Japan's move to adopt negative interest rates on Jan. 29, under which banks have to pay interest on certain deposits held at the BOJ. The dollar hit a high of 121.70 yen, before risk aversion, slowing Chinese growth and falling crude oil prices sent investors into perceived safe-haven currencies.
The dollar was trading against the Indian rupee at Rs 68.43, the greenback was at 4.1830 versus the greenback and the US currency was at 6.5755 against the Chinese yuan.
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Open Bid Rs 104.53
Open Offer Rs 104.56
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
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Bid Rate Rs 105.90
Offer Rate Rs 106.10
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RUPEE IN LAHORE: The rupee sounded strong against the American dollar and the British pound on Friday.
The dollar hardly began well and remained under pressure in the absence of buyers’ interest and finally declined from the overnight closing of Rs 106.50 and Rs 106.70 to Rs 106.00 and Rs 16.40, on buying and selling.
The rupee also showed some strength against the pound sterling that was purchased and sold at Rs 152.50 and Rs 153.20 as compared with the Thursday closing of Rs 153.00 and Rs 153.70.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar further gained strength against the Pak rupee at the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 106 (buying) and Rs 106.20 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 106 (buying) and Rs 106.20 (selling).
Pound Sterling opened at Rs 158 (buying) and Rs 158.50 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 158 (buying) and Rs 158.50 (selling).
