The rupee failed to keep overnight gains against the dollar on the money market on Friday in the process of trading, dealers said. The rupee moved slightly in relation to the dollar for buying and selling at Rs 104.84 and Rs 104.85 respectively, they said.
INTER-BANK MARKET RATES: In the final Asian trade, the dollar firmed to six-week highs against the yen, on track for weekly gains against most rivals as investors awaited US job data that is likely to reinforce expectations of a Federal Reserve interest rate hike next week.
A surprisingly robust private US jobs report from ADP heightened bets the monthly non-farm payrolls release later on Friday will give the Fed more reason to raise rates at its March 14-15 meeting - as many central bank officials have recently signalled it intends to do.
Markets were pricing in more than a 90 percent chance of a hike after Wednesday's private-sector payrolls report showed employers added 298,000 jobs in February. Analysts polled by Reuters forecast that US employers likely added 190,000 workers last month, fewer than January's 227,000 and average hourly earnings likely grew 0.3 percent following a 0.3 percent fall in January.
The euro was up 0.2 percent at $1.0594, but still down 0.3 percent for the week even after comments from European Central Bank head Mario Draghi pulled it off its session lows on Thursday. The dollar was available against the Indian rupee at Rs 66.690, the greenback was at 4.455 in terms of the Malaysian ringgit and the US currency was at 6.914 in relation to the Chinese yuan.
OPEN MARKET RATES: The rupee lost 30 paisas against the dollar for buying and selling at Rs 106.50 and Rs 106.70 respectively, they said. It also dropped by 85 paisas in terms of the euro for buying and selling at Rs 112.60 and Rs 114.10 respectively, they said.
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Open Bid Rs.106.50
Open Offer Rs.106.70
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
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Bid Rate Rs.104.84
Offer Rate Rs.104.85
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RUPEE IN LAHORE: The Pak rupee failed to hold its strength as it fell versus the major currencies including the American dollar and British pound in the local currency market on Friday.
According to currency dealers, the dollar demand and supply situation stayed intact that kept the national currency under pressure throughout the trading session. Consequently, it appreciated and ended higher at Rs 106.60 and Rs 106.75 on buying and selling sides, respectively, as compared to the overnight closing rates of Rs 106.20 and Rs 106.50 respectively, they added.
Similarly, the rupee also followed the same suit against the pound sterling. The pound's buying and selling rates rose from the Thursday's closing rates of Rs 127.90 and Rs 129.00 to Rs 128.80 and Rs 129.80 respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The value of rupee against the dollar remained unchanged at the open currency markets of Islamabad and Rawalpindi here on Friday. The dollar opened at Rs 107.50 (buying) and Rs 107.60 (selling). At close, it showed no variation for buying and selling. Pound Sterling opened at Rs 130 (buying) and Rs 131.50 (selling). It closed at the same rate.
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