The rupee depicted mixed patterns against the dollar on the money market on Friday in process of trading activity, dealers said.
INTER-BANK MARKET RATES: The rupee lost 17 paisas versus the dollar for buying and selling at Rs 160.57 and Rs 160.59.
OPEN MARKET RATES: The rupee, however, gained 20 paisas in relation to the dollar for buying and selling at Rs 160.00 and Rs 160.50, dealers said. While, the rupee sustained it's overnight levels in terms of the euro for buying and selling at Rs 178.00 and Rs 180.00, they said.
In the final Asian trade, the dollar stayed near a two-week high versus the yen on Friday as investors pared expectations for aggressive Federal Reserve interest rate cuts ahead of key US economic data later in the day.
The euro held gains after the European Central Bank (ECB) kept policy unchanged, disappointing some market participants who had bet on an easing, but sources told Reuters a rate cut at the ECB's next meeting appeared certain.
In addition, a bounce in Treasury yields and data on Thursday showing a surge in US capital goods orders provided more reasons for traders to reconsider expectations for global monetary easing.
With no major events scheduled in Asia on Friday, investors are likely to look to US economic data later in the day. The focus then shifts to Bank of Japan (BOJ) and Federal Reserve meetings next week.
The Fed is widely expected to cut rates, but there are growing views such a move may be a one-off event, not the start of a major easing cycle. The BOJ is also divided over whether to ease policy, but expectations for a move are low.
The dollar was trading against the Indian rupee at Rs 69.025, the greenback was at 4.119 versus the Malaysian ringgit and the US currency was available at 6.882 in terms of the Chinese yuan.
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Open Bid Rs.160.00
Open Offer Rs.160.50
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
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Bid Rate Rs.160.57
Offer Rate Rs.160.59
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RUPEE IN LAHORE: The Pak rupee recovered its earlier losses versus the major foreign currencies including US dollar and the British pound in the local currency market on Friday.
Following lack of buyers' interest in the market, the dollar could not sustain and ended lower for buying and selling at Rs 160.25 and Rs 160.70 against the overnight closing trend of Rs 160.30 and Rs 160.80 respectively, local currency dealers said.
Similarly, the rupee also followed the suit in process of trading against the pound sterling. The pound's buying and selling rates slid from the Thursday's closing of Rs 199.85 and Rs 200.60 to Rs 199.00 and Rs 200.00 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 10 paisas against the rupee at the local currency markets of Islamabad and Rawalpindi on Friday.
The dollar opened at Rs 160.30 (buying) and Rs 160.90 (selling) against last rate of Rs 160.25 (buying) and Rs 160.80 (selling). It closed at Rs 160.30 (buying) and Rs 160.90 (selling).
The buying and selling rates of one tola of gold remained as Rs 84,200 (selling) and Rs 83,900 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.
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