| Karachi
The rupee recovered some of its initial losses and went up by four paisas against the dollar in the interbank foreign exchange market, dealers said on Friday.
The rupee closed higher at 98.43 to the dollar from its previous closing of 98.47.
The market commenced at 98.43 and 98.46 and recorded the high of 98.45 and the low of 98.42.
Market dealers said that the forex market was in a dull mood and not huge buying of the dollars was witnessed during the day. However, a certain level of panic was created in the market with people unwilling to buy dollars from the market due to security concerns ahead of the general elections 2013.
The open market remained closed in the city because of observance of the day of mourning on the call of Muttahida Qaumi Movement (MQM), dealers said.
"The rupee value was sliding against the dollar in the open market during the last few trading days due to fresh demand for the greenback, which was emerging from gold importers, as they cannot open letter of credit with the banks as per the directives of the Ministry of Finance.
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