Declining trend was again witnessed on the money market on Friday as the rupee drifted lower further in the process of trading, dealers said.
Commenting on the persistent fall in the value of the rupee versus the dollar, marketmen said that rupee may come under pressure in days to come due to strong demand for dollar.
INTER-BANK MARKET RATES: The rupee was almost unchanged against the dollar for buying and selling at Rs 124.24 and Rs 124.25 respectively, they added.
OPEN MARKET RATES: The rupee failed to resist more erosion, losing 40 paisas more versus the dollar for buying and selling at Rs 125.80 and Rs 126.10 respectively, they said. The national currency, however, gained Rupee one in terms of the euro for buying and selling at Rs 145.30 and Rs 147.30 respectively, they said.
In the final Asian trade, the dollar was in fine fettle against its peers on Friday, advancing to a nine-month high versus the yen, after data reinforced upbeat views about the US economy and backed the Federal Reserve's signal for a steady course of rate increases over the next year.
US gross domestic product grew at a 4.2 percent clip in the second quarter, the fastest in nearly four years, according to government data on Thursday. Another report showed durable goods rose 4.5 percent in August, rebounding from a revised 1.2 percent drop the month before.
US President Donald Trump and Japanese Prime Minister Shinzo Abe agreed on Wednesday to start trade talks in an arrangement that, for now, protects Japanese automakers from further tariffs, seen as a major threat to the export-dependent economy.
The dollar index against a basket of six major currencies extended its overnight rally and rose to 95.025, its highest since Sept 12. The index has gained nearly 0.8 percent this week.
The dollar was trading against the Indian rupee at Rs 72.630, the greenback was at 4.138 in terms of the Malaysian ringgit and the US currency was at 6.884 versus the Chinese yuan.
========================
Open Bid Rs.125.80
Open Offer Rs.126.10
========================
Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
========================
Bid Rate Rs.124.24
Offer Rate Rs.124.25
========================
RUPEE IN LAHORE: The Pak rupee failed to sustain as it registered reduction versus the American dollar in the local currency market on Friday.
According to currency dealers, the short supply phenomenon of the US dollar prevailed throughout the trading session which helped its appreciation for buying and selling at Rs 125.95 and Rs 126.20 as compared to the overnight closing trend of Rs 125.20 and Rs 125.70 respectively.
On the contrary, the local currency recovered its day earlier losses against the pound sterling. The pound's buying and selling rates declined from Thursday's closing of Rs 164.20 and Rs 165.50 to Rs 163.40 and Rs 164.80 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 70 paisa against the rupee at the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 125.70 (buying) and Rs 125.80 (selling) against last rate of Rs 125 (buying) and Rs 125.10 (selling). It closed at Rs 125.70 (buying) and Rs 125.80 (selling).
Comments
Comments are closed.