The rupee recovered but slightly against the dollar on the inter-bank market on Friday, marketmen said.
At a time, the dollar hit the day's high at Rs 169.50, as a result of efforts by the State Bank of Pakistan's (SBP), rates came down to Rs 164.75 versus the dollar, they said. Explaining the improvement in the supply of dollars, they said the dollars' buying pressure eased, as a result the rupee traded at Rs 164.75 in terms of the US currency.
INTER-BANK MARKET RATES: RATES: The rupee picked up 50 paisas in terms of the dollar for buying at Rs 165.50 while it did not show any change for selling at Rs 166.50, they added.
In the final Asian trade, the dollar was on track for its biggest weekly fall in more than a decade on Friday as a series of stimulus measures around the world, including a $2.2 trillion US package, helped temper a rout in global markets triggered by the coronavirus pandemic.
An unprecedented jump in US jobless claims on Thursday underscored the virus' devastating impact on the economy, but a subsequent bounce in Wall Street shares raised hopes that a torrent of selling in risk assets may have run its course for now.
The dollar was trading against the Indian rupee at Rs 74.500, the US currency was at 4.275 in terms of the Malaysian ringgit and the greenback was at 7.075 versus the Chinese yuan.
Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
======================== Bid Rate Rs 165.50 Offer Rate Rs 166.50 ========================
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee recovered Re 1 against the dollar on the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 165 (buying) and Rs 165.10 (selling) against last rate of Rs 166 (buying) and Rs 166.10 (selling).
It closed at Rs 165 (buying) and Rs 165.10 (selling).
The buying and selling rates of one tola of gold were Rs 95,700 and Rs 95,500 (buying) in the local Sarafa (gold) markets of twin cities of Islamabad and Rawalpindi.