The dollar crossed the barrier of Rs 99 easily versus the rupee on Friday due to major payments to the International Monetary Fund (IMF), dealers said at inter-bank market.
According to reports, Pakistan paid three loans instalment of worth 265 million dollars to IMF. The first leading reason is declining trend in gold, propelling investors to buy dollar to purchase gold, strengthening the US currency, while another reason is dollar's surge on the international market, said Malik Bostan, Chairman of Exchange Companies Association of Pakistan (ECAP).
On the local bullion market, the gold prices came down to two-year low as gold Tezabi was trading at Rs 39,900 per 10 grams, dealers said.
But, the rupee was strengthening versus the other currencies in the region, he said, adding the euro was losing ground due to weak economies of the euro zone, mainly because of failing in adopting the comprehensive strategies in the banking sector.
Furthermore, the people who were intending for Umrah or visiting other countries to spend summer holidays, buying dollars to meet their needs, others said.
Indian rupee is also facing the same trend versus the dollar, but today recovery was seen in the Indian rupee from a record low of 60.76 on Wednesday, as the dollar was trading against the Indian rupee at 59.72.
In the final Asian trade, the dollar scaled a two-and-a-half week peak against the yen but lost ground against the euro after two more Federal Reserve officials sought to play down fears over the central bank's plan to gradually reduce stimulus.
Traders said some last minute positioning ahead of the end of the month and quarter helped the euro edge off a four-week trough, although the common currency was still headed for its second week of declines. The greenback was at 3.1700 in terms of the Malaysian ringgit and the US currency was at 6.143 versus the Chinese yuan.
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Open Bid Rs 100.55
Open Offer Rs 100.75
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Bid Rate Rs 99.70
Offer Rate Rs 99.80
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According to the currency dealers, the dollar was opened on a positive sign and registered handsome gain following fresh demand. The dollar was traded at Rs 100.60 and Rs 101.00 on buying and selling counters against Rs 100.40 and Rs 100.70 of Thursday respectively, the dealers said.
The Pak rupee showed stability and stayed unchanged on buying side while it was depreciated against the pound sterling. The pound was purchased and sold at Rs 153.00 and Rs 154.00 compared with day earlier closing of Rs 153.00 and Rs 153.25, respectively, they added.