No respite was seen in appreciation of the dollar's value against the rupee on the money market on Friday in the process of trading activity, marketmen said. They said the rupee might face further depreciation against the dollar in the coming days, they said.
In the fourth Asian trade, the dollar trod water on Friday and was set to show a weekly rise as investor focus turned to next week's Federal Reserve meeting for hints on a possible rate cut in light of rising risks to trade and global growth.
The dollar index against a basket of six rivals was largely unchanged at 97.029, and on track for a half-percent gain this week. The index had touched an 11-week low of 96.459 last Friday.
The Federal Open Market Committee's (FOMC) two-day policy meeting is set to begin on Tuesday. With trade tensions rising, US growth slowing and hiring in May declining, markets have priced in at least two rate cuts by the end of 2019.
The dollar was trading against the Indian rupee at Rs 69.543, the greenback was available in terms of the Malaysian ringgit at 4.167 and the US currency was 6.924 versus the Chinese yuan.
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Open Bid Rs.156.00
Open Offer Rs.157.50
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Bid Rate Rs.155.75
Offer Rate Rs.156.25
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According to currency dealers, 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 153.70 and Rs 155.30 against the opening trend of Rs 151.70 and Rs 153.20 respectively.
Likewise, the local currency remained under pressure for the fifth consecutive day versus the pound sterling. The pound's buying and selling rates further rose from the Thursday's closing of Rs 190.50 and Rs 192.00 to Rs 192.60 and Rs 194.40 respectively, they added.
The dollar opened at Rs 157(buying) and Rs 157.10 (selling) against last rate of Rs 152(buying) and Rs 152.10 (selling). It closed at Rs 157 (buying) and Rs 157.10 (selling).
The buying and selling rates of one tola of gold was Rs 83,310 (selling) and Rs 83,000 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.