The rupee fell sharply against the dollar on the money market on Friday in the process of trading, dealers said. The rupee lost 80 paisas versus the dollar for buying and selling at Rs 133.85 and Rs 133.90 respectively, dealers said.
In the final Asian trade, the dollar gained versus the euro and sterling on Friday as the US Federal Reserve kept interest rates steady but reaffirmed its monetary tightening stance, setting the stage for a rate hike in December.
In foreign exchange markets, investor focus is now shifting back to the divergence between the monetary policies of the United States and other major economies, such as Japan where interest rates are seen staying extremely low. The yen, as a result, remains near a five-week low against the dollar.
The dollar index, a gauge of its performance against six major peers, traded at a fresh one-week high at 96.75.
The dollar was trading against the Indian rupee at Rs 72.735, the greenback was at 4.177 in terms of the Malaysian ringgit and the US currency was at 6.946 versus the Chinese yuan.
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Open Bid Rs.133.00
Open Offer Rs.133.60
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Bid Rate Rs.133.85
Offer Rate Rs.133.90
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The short supply phenomenon of the greenback prevailed for another day in the market which helped its further appreciation for buying and selling at Rs 132.80 and Rs 134.00 against the overnight closing trend of Rs 132.15 and Rs 133.30 respectively, local currency dealers said.
Likewise, the local currency also followed the same suit in process of trading versus the pound sterling. The pound's buying and selling rates further slipped from Thursday's closing of Rs 172.30 and Rs 173.50 to Rs 172.50 and Rs 174.00 respectively, they added.
The dollar opened at Rs 133.25 (buying) and Rs 133.35 (selling) against last rate of Rs 132.30 (buying) and Rs 132.40 (selling). It closed at Rs 133.25 (buying) and Rs 133.35 (selling).
The buying and selling rates of gold were Rs 60,450(selling) and Rs 60,200 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi. It closed at the same rate.