The rupee crossed Rs 119 level against the dollar on the local money market on Wednesday, dealers said. Some experts said that in the morning the rupee hit Rs 119.70 due to strong demand for the dollar. In the meeting of country's all money changers, measures discussed to keep a balance between the demand and supply position of the dollar, said president of the Forex Association of Pakistan (FAP), Malik Bostan. It was also decided to keep the rupee at a reasonable level, he added.
INTER-BANK MARKET RATES: The rupee was almost unchanged against the dollar for buying and selling at Rs 115.62 and Rs 115.63 respectively, they said.
In the third Asian trade, the dollar inched up on Wednesday, approaching its recent four-month high as the US 10-year bond yield poked above 3 percent to hit its highest level since early 2014.
The dollar index against a basket of six major currencies rose 0.1 percent to 90.844. It had climbed overnight to 91.016, highest since Jan. 12, before a slide in Wall Street stocks tempered investor risk appetite and slowed the greenback's rally against its peers, notably the yen.
The greenback had risen without pause through much of the past week as US-China trade conflict woes receded and allowed the market to turn its attention back to dollar-supportive fundamentals, notably the surge by US yields.
The dollar was trading against the Indian rupee at Rs 66.665, the greenback was at 3.908 in terms of the Malaysian ringgit and the US currency was available at 6.308 versus the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Wednesday: 82.98-82.98 (Previous 82.98-82.98).
OPEN MARKET RATES: The rupee lost 30 paisas in relation to the dollar for buying and selling at Rs 118.60 and at Rs 118.90, they said. The rupee did not move any side in terms of the euro for buying and selling at Rs 144.00 and Rs 145.50, they added.
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Open Bid Rs.118.60
Open Offer Rs.118.90
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
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Bid Rate Rs.115.62
Offer Rate Rs.115.63
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RUPEE IN LAHORE: The Pak rupee registered reduction versus the major foreign currencies including the greenback and British pound on the local currency market on Wednesday.
According to currency dealers, the short supply phenomenon of the greenback prevailed throughout the trading session which helped its historic appreciation for buying and selling at Rs 118.60 and Rs 119.00 as compared to the overnight closing trend of Rs 118.20 and Rs 118.60 respectively.
Similarly, the national currency also followed the same suit in terms of trading against the pound sterling. Consequently, the pound's buying and selling rates rose from Tuesday's closing of Rs 164.00 and Rs 164.70 to Rs 164.60 and Rs 165.50 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar further showed an improvement of Rs 1 against the rupee at the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar opened at Rs 119 (buying) and Rs 119.10 (selling) against last rate of Rs 118 (buying) and Rs 118.10 (buying). It closed at Rs 119 (buying) and Rs 119.10 (selling).
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