Greenback backtracks

Staff Report

KARACHI: The US dollar lost value against the rupee in the open currency market on Friday owing to improved supply, said foreign exchange dealers.

The dollar fell 15 paisas to close at Rs 60.75 for buying and Rs 60.80 for selling.

A dealer at Khanani and Kalia foreign exchange company said the supply in the market had improved while on the other hand demand had also decreased, thus pushing the rupee up. He predicted the rupee would strengthen further in the coming days.

Dealers said immense buying by investors of stock and real estate markets had put the rupee under pressure during the last week. Seeing the returns falling in these markets they started to invest in dollar anticipating a surge in the currency’s value by end of the current fiscal year, they added.

The euro declined 20 paisas to close at Rs 76.45 for buying and Rs 76.55 for selling. The pound sterling fell 25 paisas to close at Rs 111.25 for buying and Rs 111.35 for selling.

Interbank market: The rupee remained under pressure in the interbank market, as the heavy buying by importers continued unabated, said treasurers.

The dollar closed at Rs 59.55 for buying and Rs 59.60 for selling, rising one paisa. The euro closed at Rs 74.31 for buying and Rs 74.41 for selling, falling 43 paisas. The pound sterling closed at Rs 108.37 for buying and Rs 108.47 for selling, declining 44 paisas.

The dollar held near a seven-month high against the euro on Friday on solid US growth figures.

The US currency was also steady against sterling and the Swiss franc near seven-month peaks struck on Thursday when it got a boost from revised data showing the US economy expanded at an annual rate of 3.5 percent in the first quarter.

The euro bought around $1.2515 little changed from late trading levels in New York, where it fell as low as $1.2495, the lowest since October.

The dollar fetched around 1.2360 Swiss francs just off a seven-month high of around 1.2380 francs, while sterling was at $1.8220 versus a seven-month low of $1.8186.

Home | Business