The rupee continued erosion against the dollar for the third day on Wednesday in the process of trading activity, dealer said. Since, the week started, the national currency started showing its weakness versus the dollar. On Monday, the State Bank of Pakistan (SBP) devalued the rupee by 3.8 percent against the dollar to give a boost to the exports and to avert a balance of payments crisis.
In the inter-bank market, the rupee lost 50 paisas in terms of the dollar for buying at Rs 120.25 and it also shed 25 paisas for selling at Rs 120.50, they said.
In the open market, the local currency dropped by 20 paisas at Rs 121.20 and Rs 121.70, dealers said. The rupee was unchanged against the euro for buying and selling at Rs 140.50 and Rs 142.50 respectively, they said.
In the third Asian trade, the dollar reached a three-week high against the yen and stood tall against the euro on Wednesday ahead of a Federal Reserve policy meeting that could give clues on how many more US rate hikes there will be this year.
The Fed concludes its two-day policy meeting later on Wednesday, at which it is widely expected to hike rates for the second time this year.
Market focus is on whether the Fed signals tightening policy four times in 2018, from the three times indicated earlier this year, after the world's largest economy has expanded steadily.
The dollar index against a basket of six major currencies inched up 0.09 percent to 93.888, after rising 0.25 percent the previous day.
The dollar was 0.25 percent higher at 110.660 yen after brushing 110.68, its highest since May 23.
The dollar was available against the Indian rupee at Rs 67.565, the greenback was at 3.994 in terms of the Malaysian ringgit and the US currency was at 6.403 in relation to the Chinese yuan.
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Open Bid Rs.121.20
Open Offer Rs.121.70
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
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Bid Rate Rs.120.25
Offer Rate Rs.120.50
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RUPEE IN LAHORE: The Pak rupee continued to decline for the third consecutive day against the American dollar in the local currency market on Wednesday.
According to currency dealers, the short supply phenomenon of the US dollar prevailed for another day in the currency market which helped its further appreciation for buying and selling at Rs 121.00 and Rs 121.90 as compared to the overnight closing trend of Rs 120.50 and Rs 121.50 respectively, they added.
The local currency, however, recovered its earlier losses versus the pound sterling. The pound's buying and selling rates slid from Tuesday's closing of Rs 159.25 and Rs 160.25 to Rs 158.80 and Rs 159.80 respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee recovered Rs 2 against the dollar at the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar opened at Rs 120 (buying) and Rs 120.20 (selling) against last rate of Rs 122 (buying) and Rs 122.20 (selling). It closed at
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