A kind of firmness prevailed on the money market on Friday as the rupee extended overnight gains against the dollar in the process of trading activity, dealers said. Commenting on the consistency in the local currency's value, marketmen said that in the absence of major payment, some corrective measures by the government and better position of the country's foreign exchange reserves boosted the rupee's value in terms of the green back.
INTER-BANK MARKET RATES: The rupee rose by nearly 28 paisas versus the dollar for buying and selling at Rs 159.10 and Rs 159.15 respectively.
OPEN MARKET RATES: The rupee gained further 20 paisas in relation to the dollar for buying and selling at Rs 158.40 and Rs 159.40 respectively, dealers said. The rupee, however, shed modestly in terms of the euro for buying and selling at Rs 175.4 and Rs 177.4 respectively, they said.
In the final Asian trade, the Japanese yen surged to a five-week high versus the dollar and a 2-1/2-year peak against the pound on Friday, after US President Donald Trump broke a truce in the Sino-US trade war, bolstering demand for safe-havens.
China's onshore yuan slumped to its lowest since November 2018 as Trump's new levies would end a recent pause in a trade war that has forced Chinese policymakers to unleash stimulus to offset its slowing economy.
The dollar index was steady in Asia at 98.417 after falling 0.15% on Thursday, its biggest daily decline in two weeks.
The dollar was trading against the Indian rupee at Rs 69.280, the US currency was available at 4.152 in terms of the Malaysian ringgit and the greenback was at 6.936 versus the Chinese yuan.
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Open Bid Rs.158.40
Open Offer Rs.159.40
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
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Bid Rate Rs.159.10
Offer Rate Rs.159.15
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RUPEE IN LAHORE: The Pak rupee continued upward trend for the second consecutive day versus the greenback in the local currency market on Friday.
Following lack of buyers' interest in the market, the greenback remained under selling pressure throughout the trading session and ended further lower for buying and selling at Rs 158.60 and Rs 159.40 against the overnight closing rates of Rs 159.10 and Rs 159.70 respectively, local currency dealers said.
Moreover, the rupee stayed unchanged against the pound sterling for buying at Rs 192.00 whereas it gained 50 paisas and ended for selling at Rs 193.30 against the opening rate of Rs 193.80, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee gained 10 paisas against the dollar at the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 159.70 (buying) and Rs 159.80 (selling) against last rate of Rs 159.80 (buying) and Rs 159.90(selling). It closed at Rs 159.70 (buying) and Rs 159.80 (selling).
The buying and selling rates of one tola of gold remained as Rs 84,200 (selling) and Rs 83,900 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.
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