BR RESEARCH
KARACHI: Slight improvement in supply of the US currency, helped the rupee to recover sharply versus the dollar on the money market on Friday in the process of trading activity, marketmen said.
They said that some fresh encouraging developments on both economical and political fronts may help in bringing down the uncertainties among the common people and business community.
It is also expected that the rupee is likely to recover further ground in terms of the dollar in the near future, they added.
INTER-BANK MARKET RATES: The rupee picked up Rs 4.25 against the dollar for buying and selling at Rs 159.75 and Rs 161.00 respectively, dealers said.
OPEN MARKET RATES: The rupee also gained Rs 3 in terms of the dollar for buying and selling at Rs 159.50 and Rs 161.00 respectively, they said. The rupee rose by Rs 5 in relation to the euro for buying and selling at Rs 178.00 and Rs 182.50 respectively, they said.
In the final Asian trade, the dollar trod water early on Friday as investors awaited a crucial meeting between the leaders of the United States and China at a Group of 20 summit over the weekend for any signs of progress to end their heated trade war.
The dollar traded at 107.66 yen, little changed on the day but on course for a 0.3% gain this week as the greenback mounted a recovery from a five-month low of 106.77 yen reached on Tuesday.
The dollar index, which measures the US currency against six of its peers, was at 96.217, unchanged on the week.
The dollar was trading against the Indian rupee at Rs 68.983, the greenback was at 4.141 versus the Malaysian ringgit and the US currency was at 6.874 in terms of the Chinese yuan.
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Open Bid Rs.159.50
Open Offer Rs.161.00
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
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Bid Rate Rs.159.75
Offer Rate Rs.160.25
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RUPEE IN LAHORE: The Pak rupee showed stability as it recovered its earlier losses versus the major foreign currencies including the greenback and the British pound in the local currency market on Friday.
Following lack of buyers' interest in the market, the greenback could not sustain and ended lower for buying and selling at Rs 158.00 and Rs 161.00 against the opening trend of Rs 162.00 and Rs 163.50 respectively, local currency dealers said.
Similarly, the rupee also followed the same suit in relation to the pound sterling. The pound's buying and selling rates slid from the Thursday's closing of Rs 204.00 and Rs 206.00 to Rs 196.50 and Rs 205.00 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee recovered against the dollar at the local currency markets of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 162 (buying) and Rs 162.10 (selling) against last rate of Rs 164 (buying) and Rs 164.10 (selling). It closed at Rs 162 (buying) and Rs 162.10 (selling).
The buying and selling rates of one tola of gold was Rs 83,310 (selling) and Rs 83,000 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.
