RECORDER REPORT
KARACHI: The rupee almost held the last levels and fell sharply in terms of the dollar in the process of trading activity, dealers said on Friday.
INTER-BANK MARKET RATES: The rupee moved with little changes in relation to the US currency for buying and selling at Rs 124.24 and Rs 124.26, they added.
OPEN MARKET RATES: The rupee slid and lost 80 paisas against the dollar for buying at Rs 122.50 and it also shed 50 paisas for selling at Rs 123.50, they said. The rupee dropped sharply versus the euro for buying at Rs 137.75 while depreciated by Rs 2.25 for selling at Rs 142.75, they said.
In the final Asian trade, the dollar held onto recent gains in early trade on Friday after US and Chinese officials ended two days of trade talks without any major breakthroughs.
The talks between the two nations ended as their trade war escalated on Thursday after a new round of US tariffs kicked in on $16 billion worth of imports from China, followed immediately by reciprocal tariffs from China.
As a safe haven currency, the dollar has benefited from fears of international trade turmoil in recent months.
Investor focus turned to the speech by Federal Reserve Chairman Jerome Powell to be held later on Friday at an annual meeting of central bankers at Jackson Hole, Wyoming.
The dollar index, which measures the greenback's performance against six major currencies, was basically flat on Friday, trading at 95.656. It rose more than half a percent, snapping a losing streak that started last week.
The dollar was trading against the Indian rupee at Rs 70.070, the greenback was at 4.107 in terms of the Malaysian ringgit and the US currency was available at 6.883 in relation to the Chinese yuan.
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Open Bid Rs.122.50
Open Offer Rs.123.50
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday.
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Bid Rate Rs.124.24
Offer Rate Rs.124.26
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RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained firm against rupee at the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 112.50 (buying) and Rs 122.60 (selling) against same last rate. It closed at Rs 112.50 (buying) and Rs 122.60 (selling).
