RECORDER REPORT
KARACHI: The rupee maintained upward trend in terms of the dollar on the money market on Friday in the process of trading, dealers said.
INTER-BANK MARKET RATES: The rupee stayed put against the dollar for buying and selling at Rs 115.61 and Rs 115.62, they said.
In the final Asian trade, the dollar hovered below a 4-1/2-month high against a basket of major currencies on Friday after tepid US inflation data prompted traders to pare bets of faster rate hikes.
US consumer prices rose less than expected in April, which would support gradual, rather than more aggressive, rate increases by the Federal Reserve.
"Given recent rises in oil prices, a weaker dollar earlier this year, and US tax cuts, markets were clearly worried more about upside risks in inflation," said Minori Uchida, chief currency strategist at MUFG Bank.
The so-called core CPI, which strips out the volatile food and energy components, rose 0.1 percent from previous month, compared to economists' median forecast of 0.2 percent rise.
The dollar was available against the Indian rupee at Rs 67.205 and the greenback was at 6.344 in relation to the Chinese yuan.
OPEN MARKET RATES: The rupee picked up 20 paisas in relation to the greenback for buying and selling at Rs 117.30 and Rs 117.80, they said. The rupee failed to keep rising trend, losing 75 paisas versus the euro for buying and selling at Rs 139.60 and Rs 141.10, they added.
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Open Bid Rs.117.30
Open Offer Rs.117.80
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
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Bid Rate Rs.115.61
Offer Rate Rs.115.62
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RUPEE IN LAHORE: The Pak rupee stayed unchanged on buying side while it further recovered on selling side in relation to the greenback in the local currency market on Friday.
According to currency dealers, the greenback resumed trading on its overnight closing of Rs 117.10 and Rs 117.80 as its buying and selling rates, respectively. At the close, it did not witness any change as it firmly held its opening trend for buying. However, it could not sustain for selling and ended at Rs 117.65, they added.
Moreover, the local currency moved both ways in terms of trading against the pound sterling which was bought and sold at Rs 157.80 and Rs 117.65 as compared to the overnight closing trend of Rs 157.70 and Rs 159.10 respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained firm against the rupee at the open currency markets of Islamabad and Rawalpindi here on Thursday.
The dollar opened at Rs 118 (buying) and Rs 118.50 (selling) against same last rate. It closed at Rs 118 (buying) and Rs 118.50 (selling).
