As a result of slow down in massive buying of dollars, the rupee recovered some ground versus the greenback on the currency market on Friday, dealers said. Commenting on the recovery in the rupee's value some analysts said that the after International Monetary Fund (IMF) payment, the rupee came out of crisis.
It looks that the rupee is likely to recover more ground against dollar and most likely it trades within the range of 91.50-91.60 in days to come, they said. The rupee traded at the low at 91.68 and it hit the day's peak at 91.90 versus dollar, they said. The basic factor, which will bring stability to the rupee, is remittances and slight improvement in the finished goods and ready-made garment marketing, may help in bring inflows, they said.
INTERBANK MARKET: The rupee shrugged of weakness, gaining 30 paisa against dollar, for buying at 91.80 and it also rose by 35 paisa for selling at 91.85, they said.
OPEN MARKET RATES: In line with the interbank trend, the rupee posted modest gain in relation to dollar for buying and selling at 93.00 and 93.40, they said. The rupee also gained 70 paisa versus the euro for buying and selling at Rs 116.80 and Rs 117.80, they said. According to the Reuters, in the final Asian trade, the euro wallowed at two-year lows against dollar and was poised to end the week two percent weaker, weighed down by weak German manufacturing data and worries about a messy Greek exit from the euro zone.
The Indian rupee strengthened for a second session on Friday, continuing its recovery from record lows hit this week, after the central bank stepped in to defend the currency and exporters and custodian banks were heavy sellers of dollars.
The unit still posted its eight consecutive weekly fall, having hit seven consecutive record lows since May 16. Its latest was on Thursday when it fell to as much as 56.40. The intense risk aversion from the euro zone has severely pressured the currency, but falls have been magnified by concerns about India's fiscal and economic outlooks.
The yuan closed slightly higher against the dollar, bouncing off its 2012 low, after some investors covered short positions towards the end of the session, taking cues from the dollars' drop in European trade. The currency traded in negative territory for most of the day and slumped to its low around mid-afternoon as the dollar index hit its highest level since September 2010, at 82.411, in Asian trade before European markets opened.
The yuan, which has shed 0.53 percent this month and 0.79 percent this year, could weaken further on expectations of a continued dollar rally in global markets amid the lingering euro zone economic and political crisis, traders said. Spot yuan closed at 6.3439 against the dollar, up slightly from 6.3447 on Thursday.
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Open Buying Rs 91.80
Open Selling Rs 91.85
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
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Buying Rs 93.00
Selling Rs 93.40
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RUPEE IN LAHORE: The Pak rupee recovered modestly against the dollar on the currency market on Friday, dealers said.
As a result of easy supply of the dollars, the rupee gained 50 paisa against the greenback for buying and selling Rs 92.70 and Rs 93.30, dealers said. Similarly, the rupee showed strength and appreciated its worth against the pound sterling. The pound's buying and selling rates were slide down from Thursday closing of Rs 146.00 and Rs 146.60 to Rs 145.60 and Rs 146.50, respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar showed an extraordinary increase of Rs 1.50 against the local currency at the currency shops of Islamabad and Rawalpindi here on Friday.
The dollar resumed trading at Rs 93.50 (buying) and Rs 93.60 (selling) against last rate of Rs 92 (buying) and Rs 92.10 (selling). Ever-favorite greenback continued to dominate the local currency markets and closed at Rs 93.50 (buying) and Rs 93.60 (selling). During the last two days, the dollar has shown major increase of around Rs 2.50 against the Pak rupee in the currency shops of Islamabad and Rawalpindi.
Pound Sterling opened at Rs 145 (buying) and Rs 146 (selling) against overnight value of Rs 146 (buying) and Rs 147 (selling). British currency did not observe further change in the last trading hours and closed at Rs 145 (buying) and Rs 146 (selling).
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