A firmer trend was witnessed on the money market on Friday as the rupee managed to recover slightly against the dollar in the process of trading, dealers said. The rupee inched up versus the dollar as the national currency gained three paisas for buying and selling at Rs 104.78 and Rs 104.80 respectively.
INTER-BANK MARKET RATES: OPEN MARKET RATES: The rupee stayed put in relation to the dollar for buying and selling at Rs 107.70 and Rs 107.90 respectively, they said.
The rupee rose by 50 paisas in terms of the euro for buying and selling at Rs 116.00 and Rs 117.70 respectively, they said.
In the final Asian trade, the recently beleaguered dollar rose to its session high against the yen after the Bank of Japan offered to buy Japanese government bonds in a surprise operation aimed at bringing down JGB yields, as investors awaited US jobs data later in the session.
The dollar was up 0.2 percent at 113.04 yen after rising as high as 113.24 earlier. It had slumped to 112.05 yen overnight, its lowest since late November, and was still on track to fall 1.8 percent for the week.
The BOJ offered to buy benchmark 10-year Japanese government bonds in a special operation on Friday, aimed at keeping the 10-year yield at its target of around zero percent. "The yen might continue to weaken against the dollar after today's action," said Masashi Murata, senior currency strategist at Brown Brothers Harriman.
"Some participants may have concerns about the BOJ's previous actions, or lack of action, when JGB yields have risen, so it's a good signal," he said.
"But my feeling is that BOJ also doesn't want to keep expanding their balance sheet."
The dollar was trading against the Indian rupee at Rs 67.39, the greenback was at available at 4.4230 in terms of the Malaysian ringgit and the US currency was at 6.8692 versus the Chinese yuan.
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Open Bid Rs.107.70
Open Offer Rs.107.90
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
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Bid Rate Rs.104.78
Offer Rate Rs.104.80
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RUPEE IN LAHORE: The Pakistani rupee stayed unchanged on buying side while it appreciated on selling side against the US dollar in the local currency market here on Friday.
According to currency dealers, the US dollar resumed trading on its overnight closing rates of Rs 107.50 and Rs 108.10 as its buying and selling rates, respectively. At the close, no change in the value of dollar took place as it sustained its overnight trend of Rs 107.50 on buying counter. However, in the absence of the selling spree, it declined to Rs 107.90 on selling counter, respectively, they added.
Furthermore, the local currency showed strength as it recovered its day earlier losses versus the pound sterling. The pound's buying and selling rates went down from the Thursday's closing rates of Rs 135.20 and Rs 136.30 to Rs 134.00 and Rs 135.00, respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee gained strength against the dollar at the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 108.10 (buying) and Rs 108.20 (selling) against last rate of Rs 108.30 (buying) and Rs 108.40 (selling). Dollar closed at Rs 108.10 (buying) and Rs 108.20 (selling).
Pound Sterling opened at Rs 130 (buying) and Rs 131.50 (selling). It closed at Rs 130 (buying) and Rs 131.50 (selling).
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