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The rupee did not show major changes in terms of the dollar on the local money market on Friday in the process of trading, dealers said.

INTER-BANK MARKET RATES: RATES: The rupee rose by three paisas versus the dollar for buying and selling at Rs 154.23 and Rs 154.25 respectively, they said.

OPEN MARKET RATES: The rupee sustained overnight levels in terms of the dollar for buying and selling at Rs 154.00 and Rs 154.30 respectively, they said. The rupee fell sharply against the euro for buying and selling at Rs 172.80 and Rs 174.80 respectively.

In the final Asian trade, the dollar nursed savage losses against the yen and euro on Friday as a plunge in US yields to record lows wiped out the currency's single greatest attraction for investors - higher interest rates.

Mounting fears over the fallout from the coronavirus has driven a truly tectonic shift in expectations for US rates as markets wager the Federal Reserve will have to cut rates by 50 basis points for a second time this month.

The resulting collapse in Treasury yields - which fell another 10 basis points in Asia -- has been the death of one of the most popular carry trades globally - borrowing at negative rates in the euro and yen to buy US assets.

The dollar was trading against the Indian rupee at Rs 73.790, the greenback was at 4.185 versus the Malaysian ringgit and the US currency was at 6.957 in terms of the Chinese yuan.

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Open Bid Rs 154.00

Open Offer Rs 154.30

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

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Bid Rate Rs 154.23

Offer Rate Rs 154.25

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RUPEE IN LAHORE: The Pak rupee showed strength as it appreciated its worth against the greenback in the local currency market on Friday.

Following lack of buyers' interest in the market, the greenback could not sustain its day earlier strength and ended lower for buying and selling at Rs 153.75 and Rs 154.00 against the overnight closing rate of Rs 154.00 and Rs 154.50 respectively, local currency dealers said.

Moreover, the rupee continued slide for the third consecutive day versus the pound sterling. As a result, the pound's buying and selling rates further improved from the Thursday's closing of Rs 197.20 and Rs 198.80 to Rs 198.15 and Rs 199.30 respectively, they added.

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

The dollar opened at Rs 154.50(buying) and Rs 154.55(selling) against last rate of Rs 154.45(buying) and Rs 154.50(selling).

It closed at Rs 154.50(buying) and Rs 154.55(selling).

The buying and selling rates of one tola of gold were Rs 97,200 (selling) and Rs 97,000(buying) in the local Sarafa (gold) markets of twin cities of Islamabad and Rawalpindi.

Copyright Business Recorder, 2020