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Easier trend prevailed on the money market on Friday as the rupee tended lower against the dollar on Friday in the process of trading, dealers said.

INTER-BANK MARKET RATES: RATES: The rupee shed five paisas versus the dollar for buying and selling at Rs 154.25 and Rs 154.26 respectively, they said.

OPEN MARKET RATES: The rupee also lost 10 paisas in terms of the dollar for buying and selling at Rs 154.10 and Rs 154.40 respectively, they said. The rupee dropped sharply against the euro for buying and selling at Rs 168.70 and Rs 170.40 respectively, they said.

In the final Asian trade, Japanese yen returned as a beacon of safety on Friday, hitting a one-month high against the dollar, as mounting fears the world was on the cusp of a pandemic sent global financial markets into a tailspin.

Currency trading has been less panicky than the week's share market plunge, but the mood is much the same and a jump in US rate cut expectations has only added to the yen's allure.

The yen rose 0.7% to a month-high of 108.85 per dollar on Friday, leaving the greenback down 2.4% for the week, its biggest loss on the Japanese currency in more than three years.

Asia's export currencies were crunched. The Australian dollar tanked 0.7% to a fresh 11-year low on the dollar and it lost twice as much against the yen. The New Zealand dollar fell 1% on the greenback and 1.7% against the yen.

The dollar was trading against the Indian rupee at Rs 71.945, the US currency was at 4.224 in terms of the Malaysian ringgit and the greenback was at 7.008 versus the Chinese yuan.

========================
Open Bid       Rs 154.10
Open Offer     Rs 154.40
========================

Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.

========================
Bid Rate       Rs 154.25
Offer Rate     Rs 154.26
========================

RUPEE IN LAHORE: The Pak rupee failed to sustain its day earlier recoveries against the greenback 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 154.00 and Rs 154.50 against the Thursday's closing rate of Rs 153.60 and Rs 154.15 respectively.

Furthermore, the rupee-pound sterling parity stayed unchanged amid sluggish trading activity in the market. Consequently, the pound firmly closed at its opening trend for buying and selling at Rs 197.20 and Rs 198.50 respectively, they added.

RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee gained 5 paisas against the dollar at the open currency markets of Islamabad and Rawalpindi here on Friday.

The dollar opened at Rs 154.40(buying) and Rs 154.45(selling) against last rate of Rs 154.45(buying) and Rs 154.50(selling).

It closed at Rs 154.40(buying) and Rs 154.45(selling).

The buying and selling rates of one tola of gold were Rs Rs. 94,900 (selling) and Rs 94,500(buying) in the local Sarafa (gold) markets of twin cities of Islamabad and Rawalpindi.

Copyright Business Recorder, 2020