An easier trend was witnessed on the money market on Friday as the rupee failed to resist erosion in its value against the dollar, dealers said.
INTER-BANK MARKET RATES: The rupee dropped 15 paisas versus the dollar for buying and selling at Rs 160.15 and Rs 160.25 respectively, dealers said.
OPEN MARKET RATES: The rupee also shed 20 paisas in relation to the dollar for buying and selling at Rs 160.00 and Rs 160.50 respectively, dealers said. The rupee lost 70 paisas in relation to the euro for buying and selling at Rs 179.80 and 182.00, they said.
In the final Asian trade, the dollar steadied on Friday but was still on the defensive after Federal Reserve officials bolstered expectations of an aggressive rate cut this month to address weakening price pressures.
At a central banking conference on Thursday, New York Fed President John Williams argued for pre-emptive measures to avoid having to deal with too low inflation and interest rates.
That sent the dollar down before it bounced slightly in early Asian trade, after a New York Fed representative subsequently said
The dollar stood at 107.42 yen, up 0.2 percent from late US levels after having hit a three-week low of 107.21 the previous day.
The euro eased slightly to $1.1266 from $1.1282. On the week, the dollar is down 0.4 percent versus the yen and 0.1 percent on the euro.
The dollar index, which hit a two-week low of 96.648, bounced to 96.792.
The dollar was trading against the Indian rupee at Rs 68.815, the greenback was available at 4.108 in terms of the Malaysian ringgit and US currency was at 6.876 versus the Chinese yuan.
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Open Bid Rs.160.00
Open Offer Rs.160.50
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
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Bid Rate Rs.160.15
Offer Rate Rs.160.25
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RUPEE IN LAHORE: The Pak rupee witnessed divergent trend in process of trading against the American dollar in the local currency market on Friday.
Following fluctuating demand and supply situation in the market, the dollar moved both ways by 10 paisas and ended for buying and selling at Rs 160.30 and Rs 161.00 against the overnight closing trend of Rs 160.40 and Rs 160.90 respectively, local currency dealers said.
Furthermore, the rupee continued to keep going down for the second consecutive day versus the pound sterling. Consequently, the pound's buying and selling rates further improved from the Thursday's closing of Rs 199.50 and Rs 200.50 to Rs 200.20 and Rs 201.80 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 10 paisas against the rupee at the local currency markets of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 160.80(buying) and Rs 160.90 (selling) against last rate of Rs 160.70(buying) and Rs 160.80 (selling). It closed at Rs 160.80(buying) and Rs 160.90 (selling).
The buying and selling rates of one tola of gold was Rs 83,300 (selling) and Rs 83,000 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.
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