THE RUPEE: gains extend

The rupee managed to extend overnight gains against the dollar on the currency market on Friday, dealers said. The rupee strengthened versus the dollar, picking up more 22-paisa for buying and selling at Rs 101.35 and Rs 101.38 respectively, they said.
INTERBANK MARKET RATES: OPEN MARKET RATES: The rupee rose by 20-paisa in relation to the dollar for buying and selling at Rs 101.70 and Rs 101.90 respectively. It followed the same pattern in terms of the euro, rising 25-paisa for buying and selling at Rs 125.00 and Rs 125.25 respectively, they said.
In the final Asian trade, the Indian rupee ended at a two-week closing high on Friday, tracking broad-based strength in Asian currencies against the dollar and continuing large foreign inflows into Indian financial markets, particularly debt, aiding gains.
For the week, the rupee staged a turnaround, snapping a five-week fall. The local unit bucked the broader trend in Asia by gaining 0.4 percent on the week, although it was not alone as the Philippine peso also rose 0.8 percent. The dollar was trading against the Indian rupee at Rs 61.85, the US currency was at 3.4685 in terms of the Malaysian ringgit and the greenback was at 6.1528 versus the Chinese yuan.

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Open Bid       Rs.101.70

Open Offer     Rs.101.90

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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.

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Bid Rate       Rs.101.35

Offer Rate     Rs.101.38

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RUPEE IN LAHORE: The Pak rupee appreciated its worth in relation to the greenback and British pound on the open currency markets of Lahore on Friday.
According to the currency dealers, the greenback opened at Rs 102 (buying) and Rs 102.25 (selling) against Rs 102.25 and Rs 102.50 of Thursday. The greenback lost its worth and was closed at Rs 101.50 and Rs 101.85 on buying and selling counters, respectively.
Likewise, the British pound depreciated its worth against the local currency. The pound was purchased and sold at Rs 158.65 and Rs 159.50 against Rs 160 and Rs 160.25 of Thursday.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar on the open currency markets of Islamabad and Rawalpindi here on Friday. The dollar opened at Rs 102.30 (buying) and Rs 102.40 (selling) against same overnight rate. It did not observe further change in the second session and closed at Rs 102.30 (buying) and Rs 102.40 (selling). Pound Sterling opened at Rs 159 (buying) and Rs 160 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 159 (buying) and Rs 160 (selling).
Copyright Business Recorder, 2014