RECORDER REPORT
KARACHI: Firmness prevailed on the money market on Friday as the rupee did not show any change against the dollar in process of trading, dealers said.
INTER-BANK MARKET RATES: The national currency shed one paisa in relation to the dollar for buying and selling at Rs 121.55 and Rs 121.56, they added.
In the final Asian trade, the dollar stood little changed against its peers on Friday and investor caution prevailed with US tariffs on Chinese goods taking effect and market participants turning their attention to the closely-watched US jobs report due later in the day.
The first salvos of a trade conflict between the world's biggest economic powers were fired on Friday with US tariffs on $34 billion in Chinese goods coming into effect.
Focus now shifts to retaliatory measures China could employ - Beijing said on Friday it had no choice but to fight back against US bullying on trade - and the potential volatility that could cause in the global financial markets.
But the immediate response among major currencies was limited.
"The tariffs did come into effect. But it will take three, six or 12 months before their impact becomes visible, and overall moves in key currency pairs have been subdued with the non-farm jobs report looming ahead," said Bart Wakabayashi, Tokyo branch manager for State Street Bank and Trust.
The dollar index against at basket of six major currencies was mostly steady at 94.388 after slipping to 94.177, its lowest since June 26, the previous day.
The dollar was available against the Indian rupee at Rs 68.893, the greenback was at 4.042 versus the Malaysian ringgit and the US currency was at 6.656 in terms of the Chinese yuan.
OPEN MARKET RATES: The rupee was unmoved in terms of the dollar for buying and selling at Rs 124.00 and Rs 124.50, they said. While, the rupee lost 50 paisas versus the euro for buying and selling at Rs 144.50 and Rs 146.50, they said.
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Open Bid Rs.124.00
Open Offer Rs.124.50
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
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Bid Rate Rs.121.55
Offer Rate Rs.121.56
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RUPEE IN LAHORE: The Pak rupee registered appreciation in terms of trading against the greenback in the local currency market on Friday.
The greenback commenced trading on a negative note following lack of buyers' interest in the market. Consequently, it ended lower for buying and selling at Rs 124.00 and Rs 124.50 as compared to the overnight closing trend of Rs 124.10 and Rs 124.70 respectively, local currency dealers said.
On the contrary, the national currency maintained declining trend for the second consecutive day versus the pound sterling. The pound's buying and selling rates further rose from Thursday's closing of Rs 162.50 and Rs 163.50 to Rs 163.00 and Rs 164.00 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 50 paisa against the rupee at the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 124.80 (buying) and Rs 124.90 (selling) against last rate of Rs 124.30 (buying) and Rs 124.40 (selling). It closed at Rs 124.80 (buying) and Rs 124.90 (selling).
