In the final session of Asia euro hit a nine-month low on yen and a six-month low on the dollar as concerns about Greece's fiscal situation intensified, while the Japanese currency rose broadly as weaker stocks further clouded sentiment.
After a week of worries over debt of smaller euro zone countries, White House plans to limit risk-taking at US banks, credit tightening steps in China and a slide in global stock markets, investors have cut risk trades funded by yen and dollar.
Traders said there was talk of loss-cutting sell orders on euro below $1.3890-80, just below the day's trough at $1.3912, but that its dip to a fresh low in early Asian action had cleared out many sell orders against yen for now. "It's getting harder to see how much further the euro will fall against the dollar and the yen," said Hideki Hayashi, global economist at Mizuho Securities.
OPEN MARKET RATES: The rupee followed the same pattern against dollar, losing 10 paisa for buying and selling at 86.10 and 86.20, dealers said.
The rupee, however, is riding over euro these days as the single European currency is losing its lustre in the world market, they said. The local currency rose 80 paisa in terms of euro for buying and selling at Rs 119.70 and Rs 120.20, they added.
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Buying Rs 84.80
Selling Rs 84.85
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
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Open Buying Rs 86.10
Open Sellin Rs 86.20
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RUPEE IN LAHORE: The Pak rupee remained strong and gained 10-paisa against the dollar in the local currency market on Friday.
According to the currency dealers, the dollar's demand could not remain intact that provided support to the local currency. The dollar amid low trading activity was declined to Rs 86.00 and Rs 86.40 against the Thursday closing of Rs 86.10 and Rs 86.50, respectively.
Similarly the rupee recovered some of its earlier loss and appreciated its worth against the British pound. The pound was traded at Rs 138.00 and Rs 138.60, as compared to overnight closing of Rs 138.50 and Rs 139.50, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 86.00 (buying) and Rs 86.10 (selling) against the last rate. It did not observe further change in the second session and closed at Rs 86.00 (buying) and Rs 86.10 (selling).
Pound Sterling opened at Rs 138.80 (buying) and Rs 138.90 (selling) against the last rate. It did not observe further change in the evening spell and closed at Rs 138.80 (buying) and Rs 138.90 (selling).