KARACHI: Rising trend prevailed on the money market on Friday as the rupee tended higher against the dollar in the process of trading, dealers said.
INTER-BANK MARKET RATES: The rupee was unchanged against the dollar for buying and selling at Rs 105.40 and Rs 105.41 respectively, they said.
In the final Asian trade, the euro reached a 2-1/2-year high versus the dollar, as a meeting by the European Central Bank gave bulls cause for short-term optimism and did little to support the beleaguered US currency.
Asked when the central bank will decide on potential policy tapering, ECB President Mario Draghi said on Thursday the bulk of these decisions will probably be taken in October. That was enough to make euro bulls upbeat on the single currency's near-term outlook.
But Draghi also said the ECB must take into account the weakening of inflation owing to the strong euro, with the central bank having opted to lower some of its inflation projections to reflect a firming common currency.
The dollar was trading against the Indian rupee at Rs 63.885, the greenback was available at 4.184 versus the Malaysian yuan and the US currency was at 6.460 in relation to the Chinese yuan.
OPEN MARKET RATES: The rupee picked up 20 paisas in relation to the dollar for buying and selling at Rs 105.80 and Rs 106.00 respectively, they said.
The rupee, however, lost 70 paisas in terms of the euro for buying and selling at Rs 126.50 Rs 128.00 respectively, they said.
Open Bid Rs.105.80
Open Offer Rs.106.00
Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
Bid Rate Rs.105.40
Offer Rate Rs.105.41
RUPEE IN LAHORE: The Pakistani rupee continued to keep going up against the US dollar in the local currency market on Friday.
According to currency dealers, the dollar resumed trading on a negative note following sufficient supply in the currency market.
Consequently, it further slipped to Rs 105.60 and Rs 106.10 on buying and selling counter, respectively, as compared to the overnight closing rates of Rs 105.80 and Rs 106.20 respectively, they added.
The local currency, however, remained under pressure for the second consecutive day versus the pound sterling.
The pound's buying and selling rates further drifted from Thursday's closing of Rs 136.80 and Rs 137.80 to Rs 137.40 and Rs 138.40 respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The value of rupee against the remained uncharged at the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 107.10 (buying) and Rs 107.20 (selling) against same last rate. It closed at Rs 107.10 (buying) and Rs 107.20 (selling) in evening session.