THE RUPEE: firmer trend

A firmer trend prevailed on the money market on Friday as the rupee did not show any visible change versus the dollar, dealers said. The rupee held the overnight levels against the dollar for buying and selling at Rs 104.70 and 104.72 respectively.
INTER-BANK MARKET RATES: OPEN MARKET RATES: The rupee was unchanged in terms of the dollar for buying and selling at Rs 106.20 and Rs 106.40 respectively, while it rose by 10 paisas against the euro for buying and selling at Rs 119.30 and Rs 120.30 respectively, they added.
In the final Asian trade, the dollar wallowed close to eight-week lows against the euro, and was poised for weekly losses against its major counterparts, after minutes of the US Federal Reserve's July meeting revealed central bank policymakers were in no hurry to hike rates.
At next week's meeting of global central bankers at Jackson Hole, Wyoming, Fed Chair Janet Yellen is expected to reinforce the message that the Fed will raise interest rates later rather than sooner, which gave investors no incentive to buy the dollar. The dollar was trading against the Indian rupee at Rs 66.94, the greenback was at 4.0040 in terms of the Malaysian ringgit and the US currency was at 6.6447 in relation to the Chinese yuan.

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Open Bid       Rs 106.20

Open Offer     Rs 106.40

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

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Bid Rate       Rs 104.70

Offer Rate     Rs 104.72

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RUPEE IN LAHORE: The rupee remained strong for the second consecutive day and improved its worth in relation to the greenback on the local currency market on Friday.
The dollar commenced trading on a negative note and remained under selling pressure. At close, the greenback declined to Rs 106.20 and Rs 106.55 on buying and selling sides as compared with the Thursday's closing of Rs 106.35 and Rs 106.60, the currency dealers said.
On the contrary, the rupee stayed unchanged on buying side while it lost 10-paisa on selling side against the pound sterling that was purchased and sold at Rs 138.20 and Rs 139.10 against the overnight closing of Rs 138.20 and Rs 139.00, respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The value of rupee against the dollar 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.
Copyright Business Recorder, 2016