The rupee moved with little movements against the dollar on the money market on Friday in the process of trading, dealers said. The rupee inched down by one paisa in terms of the dollar for buying and selling at Rs 104.85 and Rs 104.86 respectively, they said.
INTER-BANK MARKET RATES: OPEN MARKET RATES: The rupee managed to hold weeklong levels versus the dollar for buying and selling at Rs 107.00 and Rs 107.20 respectively, however it shed 20 paisas against the euro for buying and selling at Rs 112.50 and Rs 114.00 respectively, they said.
In the final Asian trade, the dollar slipped but remained on track for a solid weekly gain on growing expectations the US Federal Reserve will raise interest rates at its mid-March meeting, which led to a rise in US Treasury yields. The dollar index, which gauges the greenback against a basket of six major currencies, was down 0.2 percent at 102.020 but not far from the previous session's high of 102.260, its loftiest peak since January 11. For the week, it was up 0.9 percent.
Against the yen, the dollar fell 0.3 percent on the day to 114.11 after scaling a peak of 114.595 in the previous session, its highest since February 15. The dollar was up nearly 2 percent for the week. "There were some investors who weren't positioned for the possibility of a rate increase this month, and the dollar is benefiting as they adjust their expectations," said Mitsuo Imaizumi, the Tokyo-based chief foreign-exchange strategist for Daiwa Securities. The dollar was trading against the Indian rupee at Rs 66.84, the US currency was at 4.4530 versus the Malaysian ringgit and the greenback was at 6.9000 in terms of the Chinese yuan.
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Open Bid Rs 107.00
Open Offer Rs 107.20
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
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Bid Rate Rs 104.85
Offer Rate Rs 104.86
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RUPEE IN LAHORE: The Pak rupee remained unchanged on buying side while it appreciated by 20-paisa on selling side against the US dollar in the local currency market on Friday.
According to currency dealers, the US dollar commenced trading on its overnight closing of Rs 107 and Rs 107.40 as its buying and selling rates, respectively.
At the close, the dollar did not observe any change in its value for another day as it sustained its overnight trend of Rs 107.00 on buying counter. However, in the absence of selling spree, it slid to Rs 107.20 on selling counter, respectively, they added.
Moreover, the local currency remained strong for the third consecutive day against the pound sterling. The pound's buying and selling rates further went down from the Friday's rates of Rs 130.50 and Rs 131.50 to Rs 130.40 and Rs 131.20, respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged at the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 108.10 (buying) and Rs 108.20 (selling) and it closed at the same rate. Pound Sterling opened at Rs 130 (buying) and Rs 131.50 (selling). It closed at the same rate.
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