The rupee continued it's slide against the dollar on the money market on Friday in process of trading, dealers said.
INTER-BANK MARKET RATES: The rupee did not show any significant variation in terms of the dollar for buying and selling at 128.49 and Rs 128.51, they added.
OPEN MARKET RATES: The rupee lost 70 paisas in terms of the dollar for buying and selling at Rs 130.00 and Rs 130.50, they said. The rupee fell sharply in terms of the euro for buying and selling at Rs 148.50 and Rs 151.00, they said.
In the final Asian trade, the yuan slumped to a more than one year low on Friday while the dollar edged down against major peers after US President Donald Trump expressed concern about the currency's strength.
The yuan fell after China's central bank set the daily midpoint for onshore trading lower for a seventh straight day. Offshore yuan dropped more than half a percent to as low as 6.8358 per dollar, its lowest level since June 27, 2017.
Later the offshore yuan regained some losses to trade 0.4 percent down, at 6.8212 per dollar, as traders said major state banks bought the yuan.
Markets focussed on a CNBC interview with Trump on Thursday US time, in which he said a strong dollar puts the United States at a disadvantage and that the Chinese yuan "was dropping like a rock."
Trump also showed displeasure about the Fed's monetary tightening, saying that he was worried about its potential impact on the US economy and American competitiveness.
The White House later said in a statement that the president respects the US central bank's independence and was not interfering with its policy decisions.
Analysts said Trump's remarks could lead investors who were thinking about buying dollars to postpone their purchases.
"The comments gave the market a strong impression that the United States is paying careful attention to foreign exchange," said Minori Uchida, chief currency analyst at MUFG Bank.
The dollar was trading against the Indian rupee at Rs 69.123, the greenback was at 4.058 in terms of the Malaysian ringgit and the US currency was available at 6.777 versus the Chinese yuan.
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Open Bid Rs 130.00
Open Offer Rs 130.50
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
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Bid Rate Rs.128.49
Offer Rate Rs.128.51
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RUPEE IN LAHORE: The Pak rupee maintained downward trend for the fifth consecutive day versus the greenback in the local currency market on Friday.
The short supply phenomenon of the greenback prevailed for another day in the currency market which helped its further appreciation for buying and selling at Rs 129.70 and Rs 130.50 as compared to the overnight closing trend of Rs 129.00 and Rs 129.80 respectively, local currency dealers said.
Furthermore, the national currency also followed the same suit in process of trading against the pound sterling. Resultantly, the pound's buying and selling rates rose from Thursday's closing of Rs 164.60 and Rs 165.70 to Rs 165.20 and Rs 166.20 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar witnessed a major increase of Rs 1.50 against the rupee at the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 130 (buying) and Rs 130.10 (selling) against last rate of Rs 128.50 (buying) and Rs 128.60 (selling). It closed at Rs 130 (buying) and Rs 130.10 (selling).
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