The rupee gave up some losses against the dollar on the local money market on Friday in process of trading, dealers said. The rupee did not show visible change versus the US currency for buying and selling at Rs 124.24 and Rs 124.25 respectively, they added.
INTER-BANK MARKET RATES: OPEN MARKET RATES: The rupee recovered some losses in relation to the greenback, picking up 30 paisas for buying and selling at Rs 125.00 and Rs 125.50 respectively, they said. The rupee, however, continued slide in relation to the euro, losing 75 paisas for buying and selling at Rs 145.75 and Rs 147.50 respectively, they said.
In the final Asian trade, the dollar dipped on Friday after weaker-than-expected US inflation data, with the currency already sagging on signs of reduced trade tensions between the United States and China.
Emerging currencies, like the South African rand and the Mexican peso, held onto to gains having surged, as investors in emerging markets registered relief that Turkey's central bank had hiked its policy rate to 24 percent to restore confidence in the lira.
The greenback took a hit overnight after the US consumer price index (CPI), the government's broadest inflation gauge, rose just 0.2 percent in August and less than the 0.3 percent projected by analysts in a Reuters poll.
The euro inched up 0.05 percent to $1.1695 after gaining more than 0.5 percent overnight when it brushed a two-week high of $1.1701.
The ECB kept policy unchanged as expected on Thursday, staying on track to end its bond purchases this year and raise interest rates next autumn.
The Turkish lira was a shade weaker at 6.137 per dollar after ending the previous day on a gain of more than 4 percent.
The lira surged after Turkey's central bank raised its benchmark one-week repo rate by 625 basis points to 24 percent on Thursday, in a bid to stabilise the currency, which had slumped to a record low against the dollar a month ago.
The dollar was trading against the Indian rupee at Rs 72.19, the greenback was at 4.143 versus the Malaysian ringgit and the US currency was available at 6.848 in relation to the Chinese yuan.
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Open Bid Rs.125.00
Open Offer Rs.125.50
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
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Bid Rate Rs.124.24
Offer Rate Rs.124.25
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RUPEE IN LAHORE: The Pak rupee further depreciated on buying side while it stayed unchanged on selling side in relation to the greenback in the local currency market on Friday.
According to currency dealers, the greenback further appreciated by 30 paisas and ended for buying at Rs 125.40 whereas it firmly sustained its opening trend for selling at Rs 125.70.
Furthermore, the national currency failed to hold its strength as it registered reduction versus the pound sterling. The pound's buying and selling rates rose from Thursday's closing of Rs 162.00 and Rs 163.00 to Rs 163.10 and Rs 164.20 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee gained modestly against the dollar at the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 125 (buying) and Rs 125.10 (selling) against last rate of Rs 125.30 (buying) and Rs 125.40 (selling). It closed at Rs 125 (buying) and Rs 125.10 (selling).
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