Slight improvement in supply of the US currency, helped the rupee to recover sharply versus the dollar on the money market on Friday in the process of trading activity, marketmen said. They said that some fresh encouraging developments on both economical and political fronts may help in bringing down the uncertainties among the common people and business community.
It is also expected that the rupee is likely to recover further ground in terms of the dollar in the near future, they added.
In the final Asian trade, the dollar trod water early on Friday as investors awaited a crucial meeting between the leaders of the United States and China at a Group of 20 summit over the weekend for any signs of progress to end their heated trade war.
The dollar traded at 107.66 yen, little changed on the day but on course for a 0.3% gain this week as the greenback mounted a recovery from a five-month low of 106.77 yen reached on Tuesday.
The dollar index, which measures the US currency against six of its peers, was at 96.217, unchanged on the week.
The dollar was trading against the Indian rupee at Rs 68.983, the greenback was at 4.141 versus the Malaysian ringgit and the US currency was at 6.874 in terms of the Chinese yuan.
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Open Bid Rs.159.50
Open Offer Rs.161.00
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Bid Rate Rs.159.75
Offer Rate Rs.160.25
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Following lack of buyers' interest in the market, the greenback could not sustain and ended lower for buying and selling at Rs 158.00 and Rs 161.00 against the opening trend of Rs 162.00 and Rs 163.50 respectively, local currency dealers said.
Similarly, the rupee also followed the same suit in relation to the pound sterling. The pound's buying and selling rates slid from the Thursday's closing of Rs 204.00 and Rs 206.00 to Rs 196.50 and Rs 205.00 respectively, they added.
The dollar opened at Rs 162 (buying) and Rs 162.10 (selling) against last rate of Rs 164 (buying) and Rs 164.10 (selling). It closed at Rs 162 (buying) and Rs 162.10 (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.