The rupee moved both ways against dollar on the currency market on Friday in process of payment to the IMF, dealers said. Money experts said that despite the payment of 300 million dollars to the International Monetary Fund (IMF), the rupee resisted sharp fall and it is expected that the rupee is likely to gain further in the coming days.
INTERBANK MARKET: The rupee showed no change in relation to dollar for buying at 94.60 while it shed three paisa for selling at 94.65, they said.
OPEN MARKET RATES: The rupee posted fresh gains in terms of dollar, rising 10 paisa for buying and selling at 95.60 and 95.80, they said.
The rupee, however, fell against euro as the single European currency appreciated on the globe, gaining 10 paisa for buying and selling at 119.20 and Rs 120.20, they said. In the final Asian trade euro surged 1.1 percent, poised for its biggest daily jump in eight months, after European leaders agreed on Friday to emergency action to lower borrowing costs of Italy and Spain and to create a single supervisory body for euro area banks.
A summit of the 17-nation currency zone agreed that its rescue funds could be used to stabilise bond markets without forcing countries that comply with EU budget rules to adopt extra austerity measures or economic reforms. China's spot yuan posted its largest quarterly decline against dollar on record in April-June as the Chinese economy slowed and Europe's festering debt crisis pushed the US currency higher.
The yuan has appreciated five percent against euro this quarter as the crisis in Europe has deepened, causing investors and central banks to increase dollar purchases. The spot yuan declined 0.9 percent against dollar in nominal terms so far this quarter, the biggest quarterly depreciation since the establishment of the China Foreign Exchange Trade System in 1994. The dollar was trading against the Indian rupee at Rs 56.32 and it was at 3.1750 versus the Malaysian ringgit.
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Open Buying Rs 94.60
Open Selling Rs 94.65
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Open Market Rates: InterBank Market for Dollar on Friday.
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Buying Rs 95.60
Selling Rs 95.80
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RUPEE IN LAHORE: The Pak rupee showed strength and was appreciated by 20-paisa on buying side and 10-paisa on selling side against the US dollar in the local currency market on Friday.
According to the currency dealers, the dollar was opened on a depressed note and remained under pressure throughout the day. At the end of trading, the dollar was closed at Rs 95.50 and Rs 96.00 as its buying and selling rates against Rs 95.70 and Rs 96.10 of Thursday, respectively, the dealers said.
However, the rupee-pound sterling parity remained unchanged amid low trading activity in the open market. The pound was purchased and sold at the overnight closing of Rs 148.00 and Rs 148.80, respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee showed an improvement of Rs 1 against the dollar at the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 95.20 (buying) and Rs 95.40 (selling) against last rate of Rs 94.20 (buying) and Rs 94.40 (selling). It did not observe further change in the evening session and closed at Rs 95.20 (buying) and Rs 95.40 (selling).
Pound Sterling opened at Rs 147 (buying) and Rs 147.50 (selling) against same last rate. It did not observe further change in the evening session and closed at Rs 147 (buying) and Rs 147.50 (selling).
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