RECORDER REPORT
KARACHI: The rupee was almost unchanged against the dollar on the money market on Friday in the process of trading, money experts said.
INTER-BANK MARKET RATES: The rupee fluctuated cautiously in terms of the dollar for buying and selling at Rs 115.59 and Rs 115.60 respectively, they said.
In the fourth Asian trade, the dollar faltered on Friday after US President Donald Trump threatened $100 billion in additional tariffs on China, in a fresh escalation of trade tensions between the world's largest economies.
Increasingly combative statements from Washington and Beijing have stirred fears of a full-blown trade war that could hurt global economic growth, though investors are holding out hope that negotiations will result in a far less damaging compromise.
Trump said in a statement on Thursday that further tariffs were being considered in light of China's unfair retaliation" against earlier US trade actions that have roiled global markets. That gave a brief lift to the yen, a safe haven currency that attracts demand in times of economic uncertainty.
Within hours, China responded, saying it would take new comprehensive measures to safeguard the country's interests if the United States sticks to its protectionist behaviour.
The dollar was available against the Indian rupee at Rs 64.995 and the greenback was 3.867 in terms of the Malaysian ringgit.
OPEN MARKET RATES: The rupee did not move any side against the dollar for buying and selling at Rs 116.20 and Rs 116.60 respectively, they said. The rupee recovered overnight losses versus the euro, picking up 30 paisas for buying and selling at Rs 141.50 and Rs 143.30 respectively, they added.
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Open Bid Rs.116.20
Open Offer Rs.116.60
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
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Bid Rate Rs.115.59
Offer Rate Rs.115.60
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RUPEE IN LAHORE: The Pak rupee remained under pressure for the second consecutive day against the US dollar in the local currency market on Friday.
According to currency dealers, the short supply phenomenon of the US dollar prevailed throughout the trading session for another day which helped its appreciation for buying and selling at Rs 116.45 and Rs 116.80 as compared to the overnight closing of Rs 116.35 and Rs 116.70 respectively.
However, the national currency showed strength as it recovered its day earlier losses versus the pound sterling.
The pound's buying and selling rates slid from Thursday's closing of Rs 162.30 and Rs 163.00 to Rs 161.90 and Rs 162.60 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained firm against the rupee at the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 116.70 (buying) and Rs 116.80 (buying) against same last rate. It closed at Rs 116.70 (buying) and Rs 116.80 (buying).
