The rupee moved cautiously against the dollar on the local currency market on Wednesday, dealers said.
According to some marketmen, the rupee has lost about 8 percent against the dollar on Tuesday and we can't reject the idea of further devaluation of the rupee in the next days.
INTER-BANK MARKET RATES: The rupee fell by 20 paisas versus the dollar at Rs 133.70 and it also shed five paisas for selling at Rs 133.80, dealers said.
OPEN MARKET RATES: The rupee recovered Re.one in relation to the dollar for buying at Rs 134.20 and it also gained Rs 1.80 for selling and Rs 134.70, they said.
The national currency was available in terms of the euro for buying and selling at Rs 151.75 and Rs 154.75, they said.
In the third Asian trade, the dollar slipped further from seven-week highs on Wednesday although underlying support for the greenback remained strong amid a confluence of factors, including a strong US economy and a steady path for rate hikes by the Federal Reserve.
While US Treasury yields came off their highs overnight, the propensity for further spikes remained intact as investors bet rising inflation pressures will keep the Fed firmly focused on tighter policy, even as US President Donald Trump took aim at policy makers' hawkish inclinations.
Sterling took some comfort on hopes Britain and the European Union might be close to a Brexit deal, while markets' focus also was squarely on a slate of issues, including the intensifying Sino-US trade dispute and Italy's budget plans.
On Wednesday, the dollar index was largely unchanged at 95.575, not far off 96.163 reached during the previous session - its highest level since Aug. 20.
The dollar was trading against the Indian rupee at Rs 74.098, the greenback was at 4.150 versus the Malaysian ringgit and the US currency was at 6.916 in terms of the Chinese yuan.
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Open Bid Rs.134.20
Open Offer Rs.134.70
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
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Bid Rate Rs.133.70
Offer Rate Rs.133.80
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RUPEE IN LAHORE: The Pak rupee witnessed divergent trend as it moved both ways in relation to the greenback in the local currency market on Wednesday.
According to currency dealers, the greenback continued to move both ways throughout the trading session amidst volatile interest of buyers in the market. At close of trading, the greenback ended for buying and selling at Rs 134.00 and Rs 135.00 against the overnight closing trend of Rs 133.20 and Rs 136.00 respectively, they added.
Moreover, the national currency maintained downward trend for another day as it lost Rs 1.50 against the pound sterling and ended higher for buying at Rs 172.50 against the overnight closing rate of Rs 171.00 whereas it was sold at Rs 173.50, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee recovered 50 paisa against the dollar at the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar opened at Rs 133.50 (buying) and Rs 134 (selling) against last rate of Rs 134(buying) and Rs 134.50 (selling). It closed at Rs 133.50 (buying) and Rs 134 (selling).
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