As a result of falling demand for the US dollars, the rupee maintained upward trend against the greenback on the money market on Friday in the process of trading activity, money experts said. Commenting on the fresh rise in rupee's value, they said that one of the leading factors behind the local currency's gain is decline in dollars' buying by Chinese, who are in Pakistan for doing business.
Chinese traders and businessmen went to their homeland to spend long national holidays with their families.
Besides, the dollar lost its lustre partly because of bearish trend in the international equities market, they said. Furthermore, common interest also came down due to rupee's firm position versus the dollar, they said, adding thus the rupee has gained nearly 70 paisas at Rs 111.20 and it may maintain rising trend on the open market for the short-term, they said.
OPEN MARKET RATES: The rupee managed to gain 30 paisas against the dollar for buying and selling Rs 111.20 and Rs 111.50 respectively, and it gained Rs 1.50 against the euro for buying and selling at Rs 134.00 and Rs 136.50 respectively, they added.
INTER-BANK MARKET RATES: The rupee held the present levels in relation to the dollar for buying and selling at Rs 110.54 and Rs 110.55 respectively, they said.
In the final Asian trade, the yen neared a four-month high against the dollar on Friday as global stock markets plunged again, triggering a rush into traditional safe-haven currencies.
The dollar slipped to 108.56 yen, edging near its four-month low of 108.28 hit on Jan. 26, and having lost 1.3 percent so far this week.
The yen also tends to be bought at time of economic stress, because Japan's current account surplus tends to give protection to the yen compared to vulnerability of deficit-running countries.
The dollar was trading against the Indian rupee at Rs 64.360, the greenback was at 3.937 in relation to the Malaysian ringgit and the US currency was available at 6.329 versus the Chinese yuan.
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Open Bid Rs 111.20
Open Offer Rs 111.50
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
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Open Bid Rs 110.54
Open Offer Rs 110.55
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RUPEE IN LAHORE: The Pak rupee registered a considerable gain in the process of trading against the major foreign currencies including the American dollar and British pound in the local currency market on Friday.
According to currency dealers, the US dollar commenced trading on a negative note and remained under pressure for another day. Following lack of buyers' interest, it further ended lower at Rs 110.70 and Rs 111.40 for buying and selling respectively, as compared to the overnight closing trend of Rs 111.20 and Rs 111.70 respectively, they added.
Versus the pound sterling, the local currency also followed the same suit and remained strong for the second consecutive day. Consequently, the pound's buying and selling rates further slipped from Thursday's closing of Rs 153.00 and Rs 154.50 to Rs 150.80 and Rs 151.80 respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi, here on Friday.
The dollar opened at Rs 111.25 (buying) and Rs 111.35 (selling) against last rate of Rs 112.25 (buying) and Rs 112.35 (selling). It closed at Rs 111.25 (buying) and Rs 111.35 (selling).
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