The rupee managed to hold steadier trend against the dollar on the money market on Friday in the process of trading, dealers said. The rupee inched up by one paisa versus the dollar for buying and selling at Rs 104.84 and Rs 104.85 respectively, they said.
INTERBANK MARKET RATES: OPEN MARKET RATES: The rupee sustained overnight levels in relation to the dollar for buying and selling at Rs 106.40 and Rs 106.60 respectively; however it lost 30 paisas in terms of the euro for buying and selling at Rs 114.30 and Rs 115.80 respectively, they said.
In the final Asian trade, the dollar edged up against the yen and euro, pulling away from recent lows, but gains were capped as investors focused on a showdown between US President Donald Trump and members of his own party over a new healthcare bill.
Trump warned House Republican lawmakers that he will leave Obamacare in place and move on to tax reform if they do not get behind new healthcare legislation and support it in a vote on Friday. Postponement of the vote from Thursday initially knocked the dollar and stock markets, but the dollar was given breathing space as Treasury yields turned higher after Wall Street shares trimmed losses to close little changed. Equities in Asia took heart and firmed on Friday, with Japan's Nikkei rising 1 percent.
The dollar had been sold on the assumption that the healthcare bill would not pass, but some of those positions look to have been unwound. The market focus appears to have shifted to how Trump can pass the bill, from if he can push the bill through," said Bart Wakabayashi, branch manager for State Street Bank and Trust in Tokyo. The dollar was up 0.35 percent at 111.340 yen, pulling back from a four-month low of 110.620 struck overnight.
The US currency was still on track for a 1.2 percent loss against its the yen this week, during which the safe-haven yen benefited from equity market volatility. The yen has also gained from a scandal involving a land deal that has chipped away support for Prime Minister Shinzo Abe.
The dollar was trading against the Indian rupee at Rs 65.46, the greenback was at 4.4270 in terms of the Malaysian ringgit and the US currency was at 6.8956 versus the Chinese yuan.
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Open Bid Rs.106.40
Open Offer Rs.106.60
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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 Pakistani rupee moved both ways against the US dollar on the local currency market on Friday.
According to currency dealers, the US dollar commenced trading on a mixed note as it moved marginally by five-paisa on both sides during the day's trading session. At the close, it ended at Rs 106.40 and Rs 106.70 on buying and selling sides, respectively, as compared to Wednesday's closing rates of Rs 106.45 and Rs 106.65 respectively, they added.
Moreover, the local currency depreciated on buying side while it stayed unchanged on selling side against the pound sterling. The British currency was bought and sold at Rs 131.80 and Rs 132.50 against last closing trend of Rs 131.55 and Rs 132.50 respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee slid against the dollar at the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 106.50 (buying) and Rs 107 (selling) against last rate of Rs 106 (buying) and Rs 106.50 (selling). It closed at Rs 106.50 (buying) and Rs 107 (selling).
Pound Sterling opened at Rs 130 (buying) and Rs 131.50 (selling). It closed at the same rate.
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