The rupee fell sharply against the dollar in the open market on Wednesday, while the national currency did not show any visible change in the inter-bank market, money experts said. They attributed the surge in the value of the dollar to strong demand by the investors. It also appeared that the national currency may come under pressure but slightly in days to come, they added.
INTER-BANK MARKET RATES: The rupee moved in a tight range in terms of the dollar for buying and selling at Rs 115.49 and Rs 115.51, they said.
In the third Asian trade, the dollar stalled on Wednesday as global trade tensions remained elevated, with US President Donald Trump discussing joining forces with Germany to counter China's economic practices.
The dollar index, which measures the greenback versus a group of six major currencies, dipped 0.1 percent to 89.291.
It had gained about 0.34 percent overnight, pulling away from a five-week low of 88.942.
The dollar recovered slightly on hopes that negotiations between the United States and China would produce a compromise and avoid a full-blown trade war.
But the White House said that Trump had discussed trade practices with China in calls on Tuesday with French President Emmanuel Macron and German Chancellor Angela Merkel, which could lead to an escalation of trade tensions.
The dollar was available against the Indian rupee at Rs 64.948, the greenback was at 3.857 versus the Malaysian ringgit and the US currency was trading at 6.278 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 dipped in relation to the dollar, losing Re.one for buying at Rs 115.70 and it shed 50 paisas for selling at Rs 116.20, they said. The rupee also dropped by 60 paisas in relation to the euro for buying and selling at Rs 141.20 and Rs 143.00, they added.
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Open Bid Rs.115.70
Open Offer Rs.116.20
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
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Bid Rate Rs.115.49
Offer Rate Rs.115.51
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RUPEE IN LAHORE: The Pak rupee remained under pressure for the third consecutive against the US dollar in the local currency market on Wednesday.
Following fresh buying, the short supply phenomenon of the US dollar prevailed in the market for another which helped its further appreciation for buying and selling at Rs 115.80 and Rs 116.20 as compared to the overnight closing trend of Rs 115.00 and Rs 115.70 respectively, local currency dealers said.
Likewise, the national currency also followed the same suit in terms of trading versus the British pound. As a result, the pound's buying and selling rates rose from Tuesday's closing of Rs 160.00 and Rs 161.00 to Rs 160.30 and Rs 162.00 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 10 paisas against the rupee at the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar opened at Rs 115.30 (buying) and Rs 115.40 (selling) against last rate of Rs 115.20 (buying) and Rs 115.30 (selling). It closed at Rs 115.30 (buying) and Rs 115.40 (selling).
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