Apparently, it looks that the national currency, somehow managed to halt its erosion against the dollar, but some of them said that recovery may prove short-lived as ahead of huge payments for the International Monetary Fund's (IMF) debt and oil bills. How the money market will react to the IMF statements, it will emerge when the business will reopen next week, experts said.
Generally, demand for dollars is strong, and in fact, this factor is propelling investors and importers to keep purchasing of dollar just as a save haven, they said. This week, IMF forecasted that the country will need huge financing in days to come and the Fund also said that Pakistan needed to cut subsidies and widen the tax base to meet all kinds of challenges.
INTERBANK MARKET RATES: The rupee retained its levels against the dollar for buying and selling at 96.60 and 96.65, they said.
OPEN MARKET RATES: The rupee picked up five paisa in relation to the dollar for buying and selling at 97.40 and 97.60, they said. The national currency also lost 40 paisa against the euro for buying and selling at Rs 125.40 and Rs 126.40, they said. In the final Asian session, the yen dropped after month-end selling from Japanese firms triggered more stop-loss selling, but concerns about the deadlock over the US "fiscal cliff" helped to keep it above last week's 7-1/2-month low versus the dollar.
The euro stayed near a one-month high against the dollar and hit a seven-month high against the yen, helped by falling Italian and Spanish bonds yields. The dollar against the Indian rupee was at Rs 54.48, the greenback was trading versus the Malaysian Ringgit at 3.0375 and in terms of the Chinese yuan the US currency was at 6.2263 for per unit.
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Open Buying Rs 97.40
Open Selling Rs 97.60
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
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Bid Rate Rs 96.60
Offer Rate Rs 96.65
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RUPEE IN LAHORE: The Pak rupee recovered some of its day earlier loss and was improved by 30-paisa on buying side (Rs 97.3) and 25-paisa on selling side (Rs 97.6) in relation to the greenback on the local currency market on Friday.
The dollar was opened on a negative sign and remained under pressure throughout the day. As a result, the dollar was slide down to Rs 97.3 and Rs 97.6 as its buying and selling rates against the overnight closing of Rs 97.6 and Rs 97.85, respectively, the moneychangers said.
However, rupee stayed unchanged on buying side while it lost 10-paisa on selling side against the pound sterling. The pound was purchased and sold at Rs 154 and Rs 154.6 as compared to last day closing of Rs 154 and Rs 154.5, respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged at the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 96.90 (buying) and Rs 97 (selling) against same last rate. It did not observe further change in the evening session and closed at Rs 96.90 (buying) and Rs 97 (selling).
Pound Sterling opened at Rs 153 (buying) and Rs 153.50 (selling) against same last rate. It did not observe further change in the evening session and closed at Rs 153 (buying) and Rs 153.50 (selling).