The rupee managed to gain modestly against the dollar on the money market on Wednesday in the process of trading, dealers said. The rupee is in strong position versus the dollar as there is no visible difference between the interbank and open market rates, money experts observed. The rupee picked up seven paisas versus their dollar for buying and selling at Rs 104.70 and Rs 104.73 respectively, dealer said.
INTERBANK MARKET RATES: OPEN MARKET RATES: The rupee also rose by five paisas in terms of the dollar for buying and selling at Rs 104.75 and Rs 104.95 respectively, they said. The rupee appreciated by 30 paisas in relation to the euro for buying and selling at Rs 120.20 and Rs 121.20 respectively, they added.
In the third Asian session, the yen slipped from an 18-month high against the dollar, losing some steam as position squaring set in after its sharp rally since last week.
The dollar rose 0.6 percent to 107.22 yen, pulling away from Tuesday's low of 105.55 yen, the dollar's weakest level since October 2014. The dollar's gains against the yen came in thin market conditions, with Japanese markets closed on Wednesday and Thursday for public holidays.
The dollar could see some whippy trading against the yen over the next couple of days until Tokyo market players return from their holidays, said Satoshi Okagawa, senior global markets analyst for Sumitomo Mitsui Banking Corporation in Singapore.
The dollar was trading against the Indian rupee at Rs 66.58, the US currency was at 3.9780 versus the Malaysian ringgit and the greenback was at 6.4983 in terms of the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Wednesday: 78.40-78.40 (previous 78.40-78.40).
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Open Bid Rs 104.75
Open Offer Rs 104.95
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
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Bid Rate Rs 104.70
Offer Rate Rs 104.73
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RUPEE IN LAHORE: The Pak rupee remained weak and depreciated its worth on buying side while it stayed unchanged on selling side in relation to the US dollar on the local currency market on Wednesday.
The dollar resumed trading at its overnight closing rate of Rs 104.60 and Rs 105.20 as its buying and selling rate, respectively. Because of insufficient supply, the dollar's rate ended higher at Rs 104.80 on buying counter whereas its selling rate did not observe any change in its selling rate that remained unchanged at Rs 105.20, the dealers said.
On the other hand, the local currency stayed strong and registered gain against the British pound. The pound's buying and selling rates declined from the Tuesday's closing of Rs 152.80 and Rs 154.35 to Rs 151.10 and Rs 152.60, respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar further gained strength against the Pak rupee at the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar opened at Rs 106 (buying) and Rs 106.20 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 106 (buying) and Rs 106.20 (selling).
Pound Sterling opened at Rs 158 (buying) and Rs 158.50 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 158 (buying) and Rs 158.50 (selling).
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