Cautious dealings were seen on the money market on Friday as manipulators were on the sidelines just to observe developments, dealers said.
Some experts said that since the State Bank of Pakistan (SBP) has allowed the exchange companies for import of cash dollar against the exports of permissible foreign currencies, the rupee-dollar parity rates did not move sharply. Whereas, there were anticipations that rate would fluctuate sharply, they said. The rupee almost stayed firm in relation to the dollar for buying and selling at Rs 110.54 and Rs 110.55 respectively, they said.
INTER-BANK MARKET RATES: In the fourth Asian trade, the dollar slumped against rivals on Friday on the back of weak factory inflation data, while the euro enjoyed solid support after the European Central Bank hinted that it could be gearing up to trim its massive monetary stimulus.
The dollar index, which tracks the greenback against a basket of six major
rival currencies, edged down slightly to 91.814. A move below the Jan. 2 low of 91.751 would put it at its weakest since Sept. 20.
The index was on track to shed 0.2 percent for the week, pressured by data on Thursday that showed US producer prices fell for the first time in nearly 1-1/2 years in December, which could temper expectations that inflation will accelerate in 2018.
The dollar was available against the Indian rupee at Rs 63.530, the greenback was at 3.970 versus the Malaysian ringgit and the US currency was at 6.478 in term of the Chinese yuan.
OPEN MARKET RATES: The rupee shed 10 paisas in terms of the dollar for buying and selling at Rs 111.80 and Rs 112.20 respectively, they said. Similarly, the rupee fell sharply against the euro for buying and selling at Rs 135.00 and Rs 137.00 respectively, they added.
========================
Open Bid Rs.111.80
Open Offer Rs.112.20
========================
Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
========================
Bid Rate Rs.110.54
Offer Rate Rs.110.55
========================
RUPEE IN LAHORE: The Pak rupee showed strength as it recovered its day earlier losses versus the greenback in the local currency market on Friday.
According to currency dealers, the greenback resumed trading on a negative note following lack of buyers' interest in the market. Resultantly, it registered reduction and slipped to Rs 111.75 and Rs 112.30 for buying and selling, respectively, as compared to the overnight closing of Rs 112.00 and Rs 112.40 respectively, they added.
The national currency, however, failed to sustain its overnight levels against the pound sterling. The pound's buying and selling rates rose from Thursday's closing of Rs 150.00 and Rs 151.00 to Rs 151.20 and Rs 152.00 respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar did not move any side against rupee at the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 112.25 (buying) and Rs 112.35 (selling) against last rate of Rs 112 (buying) and Rs 112.10 (selling).
It closed at Rs 112.25 (buying) and Rs 112.35 (selling).
Comments
Comments are closed for this article.