Firmness prevailed on the money market on Friday as the rupee did not move any side against the dollar in the process of trading, dealers said. The rupee inched up by one paisa against the dollar for buying and selling at Rs 115.61 and Rs 115.62 respectively, they said.
INTER-BANK MARKET RATES: In the final Asian trade, the dollar held near a 3-1/2-month high against a basket of currencies on Friday as higher US yields prompted an unwinding of short positions in the currency while the euro was hampered by a dovish tone from the European Central Bank.
The dollar's index against six major currencies on Thursday hit a high of 91.639, its strongest level since mid-January, as investors have warmed to the greenback thanks to attractive Treasury yields. It last stood at 91.527.
Earlier this year, the correlation between US yields and the dollar had broken down as investors focused more on trade frictions and geopolitical issues, with currencies largely driven by Trump's tweets than by economic data and yields.
But so far this week, the markets have turned their attention to interest rate plays, pushing concerns over US-China trade on the back burner for now.
The dollar was trading against the Indian rupee at Rs 66.685, the greenback was at 66.75 in terms of the Malaysian ringgit and the US currency was available at 6.337 versus the Chinese yuan.
OPEN MARKET RATES: The rupee was unmoved in relation to the dollar for buying at Rs 118.20 and it also picked up 20 paisas for selling at Rs 118.70, they said. The rupee gained sharply in terms of the euro for buying and selling at Rs 142.50 and Rs 144.00 respectively, they added.
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Open Bid Rs.118.20
Open Offer Rs.118.70
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
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Bid Rate Rs.115.61
Offer Rate Rs.115.62
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RUPEE IN LAHORE: The rupee-dollar parity stayed unchanged amidst sluggish trend in the local currency market on Friday.
According to currency dealers, the US dollar resumed trading on its overnight closing trend of Rs 118.40 and Rs 118.70 as its buying and selling rates, respectively. The dollar did not witness any change as its opening rates prevailed till close of trading, they added.
In addition, the local currency maintained upward trend for the second consecutive day versus the pound sterling. Consequently, the pound's buying and selling rates further slid from Thursday's closing of Rs 164.25 and Rs 165.20 to Rs 162.50 and Rs 163.60 respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 20 paisa against the rupee at the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 118.20 (buying) and Rs 118.40 (buying) against last rate of Rs 118 (buying) and Rs 118.20 (buying). It closed at Rs 118.20 (buying) and Rs 118.40 (buying).
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