Cautious dealings were seen on the money market on Friday as manipulators were on the sidelines just to observe developments, dealers said.
Some experts said that since the State Bank of Pakistan (SBP) has allowed the exchange companies for import of cash dollar against the exports of permissible foreign currencies, the rupee-dollar parity rates did not move sharply. Whereas, there were anticipations that rate would fluctuate sharply, they said. The rupee almost stayed firm in relation to the dollar for buying and selling at Rs 110.54 and Rs 110.55 respectively, they said.
The dollar index, which tracks the greenback against a basket of six major
rival currencies, edged down slightly to 91.814. A move below the Jan. 2 low of 91.751 would put it at its weakest since Sept. 20.
The index was on track to shed 0.2 percent for the week, pressured by data on Thursday that showed US producer prices fell for the first time in nearly 1-1/2 years in December, which could temper expectations that inflation will accelerate in 2018.
The dollar was available against the Indian rupee at Rs 63.530, the greenback was at 3.970 versus the Malaysian ringgit and the US currency was at 6.478 in term of the Chinese yuan.
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Open Bid Rs.111.80
Open Offer Rs.112.20
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Bid Rate Rs.110.54
Offer Rate Rs.110.55
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According to currency dealers, the greenback resumed trading on a negative note following lack of buyers' interest in the market. Resultantly, it registered reduction and slipped to Rs 111.75 and Rs 112.30 for buying and selling, respectively, as compared to the overnight closing of Rs 112.00 and Rs 112.40 respectively, they added.
The national currency, however, failed to sustain its overnight levels against the pound sterling. The pound's buying and selling rates rose from Thursday's closing of Rs 150.00 and Rs 151.00 to Rs 151.20 and Rs 152.00 respectively, they said.
The dollar opened at Rs 112.25 (buying) and Rs 112.35 (selling) against last rate of Rs 112 (buying) and Rs 112.10 (selling).
It closed at Rs 112.25 (buying) and Rs 112.35 (selling).