THE RUPEE: modest fall

The rupee fell against the dollar on the money market on Friday in the process of trading, dealers said. The rupee remained inert against the dollar for buying and selling at Rs 104.84 and Rs 104.85 respectively, they said. In the final Asian trade, the dollar was gunning for robust weekly gains, which accelerated after Federal Reserve Chair Janet Yellen provided a strong signal that US interest rates will likely increase by year-end.
INTER-BANK MARKET RATES: While Yellen did not explicitly say the Fed would take action at its December 13-14 policy meeting, she told a Congressional committee that a rate hike was likely "relatively soon."
The dollar was trading against the Indian rupee at Rs 68.08, the US currency was available at 4.4090 versus the Malaysian ringgit and the greenback was available at 6.8899 in relation to the Chinese yuan.
OPEN MARKET RATES: The rupee reversed its overnight gains versus the greenback, losing 20 paisas for buying and selling at Rs 106.40 and Rs 106.60 respectively, they said. The rupee gained sharply in relation to the euro, picking up 80 paisas for buying and selling at Rs 113.20 and Rs 114.70 respectively, they said.

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Open Bid       Rs.106.40

Open Offer     Rs.106.60

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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.

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Bid Rate       Rs.104.84

Offer Rate     Rs.104.85

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RUPEE IN LAHORE: The Pakistani rupee failed to keep upward trend on buying side while stayed unchanged on selling side against the US dollar in the local currency market on Friday.
The trading of the US dollar resumed on its overnight closing of Rs 106.40 and Rs 106.80 as its buying and selling rates, respectively. The short supply of the dollar helped its appreciation at Rs 106.50 on buying counter. However, its opening rates prevailed till close of trading on the selling counter, the currency dealers said.
Moreover, the rupee remained strong as it gained by 40-paisa versus the pound sterling. The pound's buying and selling rates declined from the Thursday's closing rates of Rs 132.00 and Rs 133.00 to Rs 131.60 and Rs 132.60, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The value of rupee against the dollar remained unchanged at local currency markets of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 105 (buying) and Rs 105.10 (selling) against same last rate. It did not observe further change in evening session and closed at Rs 105 (buying) and Rs 105.10 (selling).
Pound Sterling opened at Rs 132 (buying) and Rs 133 (selling). It did not observe further change in the second session and closed at Rs 132 (buying) and Rs 133 (selling).
Copyright Business Recorder, 2016