Easier trend persisted on the money market on Friday as the rupee shed further ground against the dollar in the process of trading, dealer said. The rupee shed 10 paisas against the dollar for buying and selling at Rs 105.00 and Rs 105.20 respectively, they said. The rupee dropped the same amount in terms of the euro for buying and selling at Rs 115.90 and Rs 116.90 respectively, they added.
OPEN MARKET RATES: Inter-bank market rates were not issued due to bank closing. In the final Asian trade, Sterling stayed on the defensive after unambiguously dovish comments from the Bank of England abruptly ended a tentative recovery in the currency, while the euro wobbled on speculation of more stimulus in Europe.
Still trying to get over last week's decision by voters to leave the European Union, the pound quickly crumbled towards a 31-year trough after BOE Governor Mark Carney said more stimulus would probably be needed over the summer.
Sterling shed about two cents towards $1.3200, bringing back in view Monday's trough of $1.3122. It has since found an uneasy truce just around $1.3340, about 0.2 percent above late US levels. The rupee was available against the Indian rupee at Rs 67.44, the greenback was at 3.9880 in terms of the Malaysian ringgit and the US currency was trading against at 6.6530 versus the Chinese yuan.
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Open Bid Rs.105.00
Open Offer Rs.105.20
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RUPEE IN LAHORE: The Pak rupee further declined on buying side while it remained unchanged on selling side against the US dollar on the local currency markets on Friday.
The dollar resumed trading at its overnight closing of Rs 105.15 and Rs 105.40 as its buying and selling rates, respectively. The short supply phenomenon helped the greenback appreciation at Rs 105.20 on buying counter while its selling rate witnessed no change at Rs 105.40 on selling counter, the local currency dealers said.
Moreover, the local currency witnessed gain on buying side while suffered loss on selling side in relation to the British pound. The British currency was bought and sold at Rs 140.00 and Rs 148.00 on buying and selling counters, respectively, as compared with Thursday's closing of Rs 143.50 and Rs 144.50, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged at local currency establishments of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 104.50 (buying) and Rs 105 (selling) against same last rate. It did not observe further change in evening session and closed at Rs 104.50 (buying) and Rs 105 (selling).
Pound Sterling opened at Rs 137.50 (buying) and Rs 138 (selling). It did not observe further change in the second session and closed at Rs 137.50 (buying) and Rs 138 (selling) by the end of second session.
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