Improvement in the performance of the Balance of Payment (BoP) helped the rupee to recover its lost ground on both the inter-bank and open markets on Friday in the process of trading session, dealers said.
According to marketmen, as a result of decline in imports and slight rise in exports, the country's BoP improved, which is an encouraging sign for the ailing economy.
INTER-BANK MARKET RATES: The rupee recovered about Rupee one in terms of the dollar for buying and selling at Rs 157.50 and Rs 157.60 respectively, they said.
OPEN MARKET RATES: The rupee also gained around Re.one in relation to the dollar for buying and selling at Rs 157.30 and Rs 157.80 respectively, dealers said. The rupee picked up Rs 1.50 against the euro for buying and selling at Rs 172.50 and Rs 174.75 respectively, they said.
In the final Asian trade, dollar held firm on Friday on expectations Federal Reserve Chairman Jerome Powell will, in a pivotal speech, stick with his message that the US central bank has not entered a prolonged monetary easing cycle.
The greenback hit another 11-year high versus the Chinese yuan on Friday.
The New Zealand dollar jumped from a three and-a-half-year low after the Pacific nation's central bank chief said he was "pleased" with where interest rates were, hosing down expectations of more immediate rate cuts to follow this month's aggressive easing.
Powell gives the highly-awaited speech later Friday at a meeting of central bankers in Jackson Hole. Doubts about further easing emerged after two Fed officials said they saw no reason to cut interest rates again without new signs of economic weakness.
The dollar was trading against the Indian ruee at Rs 71.785, the US currency was at 4.188 versus the Malaysian ringgit and the greenback was available at 7.093 in terms of the Chinese yuan.
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Open Bid Rs.157.30
Open Offer Rs.157.80
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
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Bid Rate Rs.157.50
Offer Rate Rs.157.60
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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.
Amidst fluctuating demand and supply situation in the market, the US dollar moved both ways and ended for buying and selling at Rs 157.50 and Rs 158.30 against the overnight closing trend of Rs 157.20 and Rs 158.50 respectively, local currency dealers said.
Moreover, the rupee registered reduction in its worth versus the pound sterling. The pound's buying and selling rates rose from the Thursday's closing of Rs 189.10 and Rs 190.70 to Rs 190.50 and Rs 191.50 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee gained 90 paisa against the dollar at the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 158.10(buying) and Rs 158.20(selling) against last rate of Rs 159(buying) and Rs 159.10(selling).
It closed at Rs 158.10(buying) and Rs 158.20(selling).
The buying and selling rates of one tola of gold remained as Rs 89,000(selling) and Rs 89,800(buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.
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