Bears dominated the money market on Friday as the demand for dollars did not allow rupee to shed its losses versus the US currency in the process of trading, dealers said. An unforeseen uncertainty hovering these days due to persisting political instability created by demands and protests held by leaders of PTI and PAT, some experts said.
In the final Asian trade, the euro steadied, accepting soft euro zone inflation and disappointing growth data as keeping alive prospects of more stimulus from the European Central Bank.
Knocks taken by the dollar following the release of lacklustre weekly jobless claims on Thursday also underpinned the euro as the number of Americans filing new claims for unemployment benefits last week rose more than expected. The dollar was trading against the Indian rupee at Rs 60.76, the US currency was at 3.1620 versus the Malaysian ringgit and the greenback was available at 6.147 in terms of Chinese yuan.
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Open Bid Rs. 99.90
Open Offer Rs.100.10
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Bid Rate Rs.99.95
Offer Rate Rs.99.98
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According to the currency dealers, the dollar resumed trading on a positive sign and registered reasonable gain following buyers' interest. The dollar was closed at Rs 99.70 and Rs 99.95 as its buying and selling rates against Rs 99.50 and Rs 99.75 of Wednesday, respectively.
Likewise, the Pak rupee remained under pressure and was depreciated against the British pound. The pound was traded at Rs 166.75 and Rs 167.00 on buying and selling counter, compared with previous closing of Rs 166.25 and Rs 166.50, respectively, the dealers said.
The dollar opened at Rs 99.50 (buying) and Rs 99.60 (selling) against last rate of Rs 98.50 (buying) and Rs 98.60 (selling). It did not observe further change in the second session and closed at Rs 99.50 (buying) and Rs 99.60 (selling).
Pound sterling opened at Rs 165 (buying) and Rs 165.50 (selling) against same last rate. It also did not observe any further fluctuation and closed on the same rates.