The recovery phase continued on the money market on Friday as the rupee rose from the bottom after hitting the all-time low during the two weeks against dollar, dealers said. Today, federal budget (2012-13) has been announced, now, interestingly, it is watched that how the rupee performs, whether it retains its present pace or lose ground versus dollar, experts said.
INTERBANK MARKET: Since the State Bank of Pakistan's (SBP) clarification appeared, the rupee started shedding its losses against dollar with gradual pace, they said. The clouds will be cleared, when the currency market re-opens next week, but it looks that the central bank's close watch over the fluctuations of the rupee versus the greenback will help in warding off speculative buying of dollars, they said The rupee rose by 20 paisa in relation to dollar for buying at 93.75 and gained 15 paisa for selling at 93.85, they said.
OPEN MARKET RATES: The rupee followed the same pattern against dollar, it gained 20 paisa in terms of dollar for buying and selling at 94.10 and 94.40, respectively, they said.
The rupee also picked up Re.1 in relation to euro for buying and selling at Rs 116.00 and Rs 117.00, they added. According to the Reuters: In the final Asian trade, euro hit a two-year low and was seen at risk of falling further in coming weeks, dogged by worries that Spain may need external aid to shore up its struggling banking sector and fix its public finances.
The Indian rupee strengthened on the back of dollar sales by corporates but it still posted a ninth consecutive weekly drop, its worst losing streak since the Lehman crisis. The partially convertible Indian rupee closed at 55.54/55 per dollar, one percent stronger than its Thursday's close of 56.08/09. The unit traded in a broad range of 55.53 to 56.28 during the day.
A slow and steady pace of yuan depreciation would be in line with China's latest moves to boost its growth but avoid excessive stimuli. Yuan one-year non-deliverable forwards continued to move away from spot prices and ended trading at a spread of around 540 pips (5.4 basis points) weaker than the yuan spot, implying depreciation around 1.5 percent.
The offshore yuan (CNH) continued to track the onshore yuan but maintained its trend of trading slightly weaker than the onshore spot, which may be related to tightening liquidity in the CNH market. The supply of offshore yuan continued to contract in April, and has now shrunk for five consecutive months.
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Buying Rs 93.75
Selling Rs 93.85
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Open Market Rates: Open Market Rates for Dollar on Friday.
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Open Buying Rs 94.10
Open Selling Rs 94.40
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RUPEE IN LAHORE: The Pak rupee-dollar parity remained unchanged amid low trading activity in the local currency market on Friday. According to the currency dealers, the dollar resumed trading at its overnight closing of Rs 94.3 and Rs 94.8 as its buying and selling rates, respectively. In the absence of buying support, the dollar remained unchanged and its opening rates continued to prevail till the closing of trading, the dealers said.
However, rupee showed strength and appreciated its worth against the British pound. The pound remained under pressure and was closed lower at Rs 144.6 and Rs 145.7, as compared to Thursday closing of Rs 145.7 and Rs 146.4 on buying and selling counters, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar-rupee parity remained unchanged at the local currency shops of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 93.5 (buying) and Rs 93.6 (selling) against same last rate. It closed at Rs 93.5 (buying) and Rs 93.6 (selling).
Pound Sterling opened at Rs 145 (buying) and Rs 146 (selling) against the same last rate. It did not observe further change in the last trading hours and closed at Rs 145 (buying) and Rs 146 (selling)
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