The rupee managed to recover overnight losses against the dollar on the money market on Wednesday in the process of trading, dealers said. The rupee did not move sharply in relation to the US currency for buying and selling at Rs 124.22 and Rs 124.23, they added.
INTER-BANK MARKET RATES: OPEN MARKET RATES: The rupee somehow came out from overnight weakness in terms of the dollar, picking 20 paisas for buying and selling at Rs 122.50 and Rs 123.50, they said. The rupee almost held overnight position against the euro for buying and selling at Rs 139.50 and Rs 143.50, they said.
In the third trade, the US dollar edged lower against a basket of currencies on Wednesday as its recent rally on global trade tensions showed signs of fading, while the offshore yuan steadied near a one-week high.
In a reminder of the growing trade disputes, the US Trade Representative's office said late on Tuesday that the United States would begin collecting 25 percent tariffs on another $16 billion of goods it imports from China later this month.
Since mid-April, the dollar index has risen more than 6 percent, supported by rising interest rates and fears over the impact of trade conflicts.
The dollar was trading against the India rupee at Rs 68.645, the greenback was at 4.073 in relation to the Malaysian ringgit and the US currency was available at 6.825 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Wednesday: 83.75-83.75 (Previous 83.75-83.75).
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Open Bid Rs.122.50
Open Offer Rs.123.50
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
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Bid Rate Rs.124.22
Offer Rate Rs.124.23
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RUPEE IN LAHORE: The Pak rupee depreciated on buying side while it stayed unchanged on selling side in relation to the greenback in the local currency market on Wednesday.
According to currency dealers, the greenback resumed trading on its overnight closing of Rs 120.40 and Rs 122.10 as its buying and selling rates, respectively. At the close, it appreciated by 60 paisas for buying at Rs 121.00 whereas it firmly held its opening rate for selling at Rs 122.10, they added.
Moreover, the national currency remained upward trend for the second consecutive day versus the pound sterling. The pound's buying and selling rates further improved from Tuesday's closing of Rs 155.40 and Rs 156.90 to Rs 154.00 and Rs 155.50 respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar opened at Rs 122 (buying) and Rs 122.10 (selling) against same last rate. It closed at Rs 122 (buying) and Rs 122.10 (selling).
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