Dollar ends flat versus rupee
KARACHI – The rupee made a comeback against the dollar on Friday due to weak demand of dollar from corporate sector and check on inflows and outflows of greenback by commercial banks.
The dollar closed at Rs 103.80 for buying and Rs 104 for selling. It remained flat against the rupee. The dollar traded at a low of Rs 103.75. The dollar rate differential between kerb and interbank markets remained 05 paisas.
Bank treasurers said there was a comparatively lesser-than-usual demand from the corporate sector. Commercial banks also helped the rupee to recover by slow delivery of dollar.
The euro shed 90 paisas in the interbank market to close at Rs 115.53 for buying and Rs 115.75 for selling. The pound sterling lost 67 paisas to close at Rs 158.10 and Rs 158.40 for buying and selling respectively.
Kerb Market: The rupee recovered against the dollar in the open market after putting dollar flat in the interbank market, foreign exchange dealers said.
The dollar closed at Rs 104.55 for buying and Rs 104.80 for selling. Rupee made comeback of 05 paisas in the open market against greenback.
The demand and supply of dollar in the open market was normal, hence rupee gathered support from its rising value in interbank market and closed positive. The demand mostly came from people going to Saudi Arabia for hajj, a dealer said. Rates in the open market remained stable, a dealer said.
The pound sterling closed at Rs 158.50 for buying and Rs 158.75 for selling after shedding 50 paisas, while the euro closed negative at Rs 115.75 for buying and Rs 116 for selling after losing Rs 1.25 as it’s demand remained dull.