The rupee failed to retain its firmness against dollar on the interbank market on Friday, falling 14 paisa for buying at 80.80 and lost 11 paisa for selling at 80.85 in process of trading, dealers said. Tight supply position of dollars pushed the rupee down and it is likely that the rupee may not come down sharply but it may not be able to sustain its stability at the end of the out going fiscal year, 2008-09, they added.
Amid final Asian trading dollar inched down against a basket of major currencies, with investors shifting money to higher-yielding currencies on the view that the recession hitting the world’s major economies is easing. Sterling was under pressure as political uncertainty deepened in Britain with a third senior minister quitting the government on Thursday and calling on Prime Minister Gordon Brown to step down to improve his party’s chances at a general election due within a year.
OPEN MARKET RATES: The rupee drifted lower against dollar for buying and selling at 80.80 and 81.00, they said. The rupee showed little difference versus euro, shedding five paisa for buying at Rs 113.50 while it did not move for selling at 114.50, they said.
Interbank Closing Rates: Interbank Closing Rates For Dollar On Friday.
RUPEE IN LAHORE: The Pak rupee remained unchanged on buying side while it improved by 10 paisa on selling side in relation to the greenback in the local currency market no Friday.
According to the currency dealers, the dollar’s supply remained constant, while its demand witnessed marginal decline that helped rupee appreciation in the open market. As a result, the dollar’s buying rate stayed unchanged at overnight closing of Rs 80.85 while its selling rate declined from Thursday closing of Rs 81.20 to Rs 81.10, the dealers said.
However, the rupee showed strength and considerably increased against the British pound. The pound’s buying and selling rates slide down from previous closing of Rs 132.50 and Rs 133.50 to Rs 129.50 and Rs 131.50, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee showed a recovery of 20 paisa against the dollar at the open currency markets of Islamabad and Rawalpindi here on Friday. The dollar opened at Rs 80.80 (buying) and Rs 81.00 (selling) against the last rate of Rs 81.00 (buying) and Rs 81.10 (selling). It did not observe further change in the evening session and closed at Rs 80.80 (buying) and Rs 81.00 (selling). Pound Sterling opened at Rs 130.00 (buying) and Rs 131.00 (selling) against the last rate of Rs 132.00 (buying) and Rs 133.00 (selling). It did not observe further change in the second session and closed at Rs 130.00 (buying) and Rs 131.00 (selling).
Source: Business Recorder
Exchange rates issued by the Treasury Management Division of National Bank of Pakistan.
Associated Press of Pakistan
Gold and Silver Rates per 10 Gram
Silver Tezabi (24-ct)