An easier trend persisted on the money market on Wednesday as the rupee continued decline in terms of the dollar in process of trading, experts said. Commenting on the free-fall of the rupee against the dollar, some currency analysts said that the rupee may face further devaluation in days to come.
INTER-BANK MARKET RATES: The rupee is still over-valued, so that it has to face more decline in terms of the dollar, they said.
The rupee shed 30 paisas in terms of the dollar for buying at Rs 115.10, while the national currency did not show any change for selling at Rs 115.20, they said.
In the third Asian trade, the dollar held firm against major currencies on Wednesday as traders look to whether the US Federal Reserve will indicate faster monetary tightening this year, with the first rate increase of 2018 almost unanimously expected later in the day.
The Canadian dollar and the Mexican peso gained after media reports that the US administration had dropped a contentious demand related to auto-content, removing a key roadblock to a deal for a new North American free-trade (NAFTA) agreement.
The dollar index was steady at 90.28, after having risen to 90.446 on Tuesday, an almost three-week high. The index has, however, broadly been in a holding pattern between 90.934 and 89.399 this month, waiting for clarity on whether the policy-setting Federal Open Market Committee (FOMC) will forecast four rate hikes this year, instead of the median three hikes seen in December's quarterly forecast.
The dollar was available against the Indian rupee at Rs 65.215, the greenback was trading versus the Malaysian ringgit at 3.923 and the US currency was at 6.332 in relation to the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Wednesday. 82.96-82.96 (Previous 82.96-82.96).
OPEN MARKET RATES: The rupee fell sharply by 80 paisas in relation to the dollar for buying and selling at Rs 114.30 and Rs 115.30, they said.
The rupee also slid versus the euro for buying and selling at Rs 139.00 and Rs 140.70, they added.
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Open Bid Rs.114.30
Open Offer Rs.115.30
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
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Bid Rate Rs.115.10
Offer Rate Rs.115.20
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RUPEE IN LAHORE: The Pak rupee moved both ways in terms of trading against the greenback in the local currency market on Wednesday.
According to currency dealers, the greenback resumed trading on a divergent note following fluctuating demand and supply situation.
At the close, it was ended at Rs 114.00 and Rs 115.00 for buying and selling, respectively, as compared to the overnight closing trend of Rs 113.00 and Rs 115.50 respectively, they added.
In addition, the national currency remained under pressure for the second consecutive day versus the pound sterling.
Resultantly, the pound's buying and selling rates further rose from Tuesday's closing of Rs 157.20 and Rs 158.50 to Rs 157.70 and Rs 159.50 respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee showed recovery of Rs 2 against the dollar at the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar opened at Rs 114 (buying) and Rs 114.20 (selling) against last rate of Rs 116 (buying) and Rs 116.20 (selling). It closed at Rs 114 (buying) and Rs 114.20 (selling).
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