The rupee commenced the new fiscal year 2011-12 with a little change against dollar on the open market on Friday, money experts said. Rates did not show any change on the interbank market owing the bank closing, they said.
INTERBANK MARKET RATES: The rupee shed 10 paisa against the greenback for buying at 86.00 while it retained the overnight level at 86.10 for selling in process of trading, they added. The rupee also lost 40 paisa versus euro for buying and selling at Rs 124.44 and Rs 124.94, they said.
In the final Asian trade euro's advance against dollar lost momentum on Friday after a rally this week as the market focus shifted to upcoming economic data, with Greece looking set to secure emergency funds and avert imminent default. The single currency, however, was supported by buying from Asian central banks after early rounds of profit-taking had pushed it down to an Asian session low of $1.4467, Tokyo bank dealers said.
Investors broadly covered short positions in the dollar and locked in profits on outperforming commodity currencies such as the Australian and New Zealand dollars after China's purchasing managers' index came in slightly below expectations at 50.9.
The euro was also well-supported against yen and the Aussie with traders saying the market was starting to rebuild longs ahead of Thursday's European Central Bank monetary policy meeting.
Investors will focus on a news conference by ECB President Jean-Claude Trichet following the meeting, during which it is expected to raise interest rates again, with data earlier this week showing inflation in June having stabilised well above the bank's target. Indian rupee was trading at Rs 44.70 versus dollar, Malaysian ringgit was available at 3.0130 in terms of the US currency and Chinese yuan was at 6.4650 against the greenback.
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Buying Rs 86.00
Selling Rs 86.10
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RUPEE IN LAHORE: The Pak rupee showed stability and remained unchanged amid low trading activity in the partially opened market on Friday.
In the line with the Bank Holiday announced by the State Bank of Pakistan, most of the currency dealers kept their business closed. However, a few dealers who continued their routine activity quoted Rs 85.90 and Rs 86.20, as dollar's buying and selling rates, respectively.
Similarly, there was no visible change in the pound sterling rate that stayed unchanged at its overnight closing. The pound was purchased and sold at Rs 138.00 and Rs 139.00, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The value of dollar against the rupee remained unchanged at the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 86.00 (buying) and Rs 86.20 (selling) against the overnight value. It did not observe further change in the second session and closed at Rs 86.00 (buying) and Rs 86.20 (selling).
Pound Sterling opened at Rs 138.40 (buying) and Rs 138.50 (selling) against the overnight value. It did not observe further change in the evening session and closed at Rs 138.40 (buying) and Rs 138.50 (selling).
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