The rupee failed to keep firmness against the dollar on the money market on Friday in the process of trading, marketmen said. In the early session, the Pak rupee recovered modestly but in the evening session it shrugged off its gains owing to strong demand for dollar, they said.
Commenting on the dollar's appreciation world over, they said the Indian rupee slumped to an all-time low against the US dollar on Thursday as the currency comes under increasing pressure from rising oil prices.
The Indian rupee fell to Rs 69.10 against the greenback before recovering slightly to Rs 68.93 later.
INTER-BANK MARKET RATES: The rupee, however, gained four paisas in relation to the dollar for buying and selling at Rs 121.49 and Rs 121.51 respectively, they said.
In the final Asian trade, the euro jumped more than a half cent on Friday after European Union leaders reached an agreement on migration, a thorny issue that has threatened EU unity and the fate of German Chancellor Angela Merkel.
Still, the dollar index is on course to make its first quarterly gain in six while the Chinese yuan looks set to post its biggest fall for a month as traders increasingly worry about the impact of Sino-US trade disputes.
The euro rose as high as $1.1650, extending its recovery from the one-week low of $1.15275 touched on Thursday, after EU leaders reached the deal on migration.
The dollar was available against the Indian rupee at Rs 68.583, the greenback was at 4.034 versus the Malaysian ringgit and the US currency was available 6.613 in relation to the Chinese yuan.
OPEN MARKET RATES: The rupee lost 40 paisas in terms of the dollar for buying and selling at Rs 123.90 and Rs 124.40 respectively, they said. The rupee also fell sharply against the euro, losing Rs 1.50 for buying and selling at Rs 142.50 and Rs 144.50 respectively, they said.
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Open Bid Rs.123.90
Open Offer Rs.124.40
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday.
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Bid Rate Rs.121.50
Offer Rate Rs.121.52
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RUPEE IN LAHORE: The Pak rupee failed to hold its strength as it depreciated versus the major foreign currencies including the greenback and British pound in the local currency market on Friday.
According to currency dealers, the short supply phenomenon of the greenback prevailed throughout the trading session which helped its appreciation for buying and selling at Rs 123.80 and Rs 124.40 as compared to the overnight closing trend of Rs 123.25 and Rs 124.20 respectively.
Likewise, the national currency also followed the same suit in terms of trading against the pound sterling. Resultantly, the pound's buying and selling rates rose from Thursday's closing of Rs 159.55 and Rs 160.80 to Rs 160.00 and Rs 161.00 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar showed an improvement of 25 paisa against the Pak rupee at the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs124 (buying) and Rs124.10 (selling) against last rate of Rs123.75 (buying) and Rs123.85 (selling). It closed at Rs124 (buying) and Rs124.10 (selling).
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