The rupee halted sharp decline against the dollar on the money market on Wednesday in the process of trading activity, marketmen said.
INTER-BANK MARKET RATES: The rupee shed 15 paisas versus the dollar for buying at Rs 151.55 and it also dropped by 10 paisas for selling at Rs 151.60, they said.
OPEN MARKET RATES: The rupee fell by 30 paisas in terms of the dollar for buying at Rs 151.30 while it did not move any side for selling at Rs 152.00, they said. The rupee was almost unchanged in relation to the euro for buying and selling at Rs 169.50 and Rs 172.20 respectively, they said.
In the third Asian trade, the dollar hovered near an 11-week low against its peers on Wednesday, weighed by expectations the US Federal Reserve could cut interest rates some time in the next few months.
The dollar index versus a basket of six major currencies was effectively flat at 96.707, trading just above the 96.459 level it hit on Monday, its lowest since late March.
The index has been under pressure following a sharp decline in long-term US Treasury yields, which fell to near two-year lows on Friday after a soft US jobs report raised expectations for an interest rate cut by the Fed.
Investor focus is now on the Fed's next policy meeting on June 18-19 and what kind of signals the central bank could offer on the direction of monetary policy.
Expectations for a central bank rate cut this year rose last week after a number of Fed officials, including Chairman Jerome Powell, hinted they were open to easing monetary policy.
The dollar was trading against the Indian rupee at Rs 69.400, the greenback was at 4.162 in terms of the Malaysian ringgit and the US currency was available at 6.916 in terms of the Chinese yuan.
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Open Bid Rs 151.30
Open Offer Rs 152.00
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
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Bid Rate Rs 151.55
Offer Rate Rs 151.60
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RUPEE IN LAHORE: The Pak rupee showed strength as it recovered its earlier losses versus the greenback in the local currency market on Wednesday.
Following lack of buyers' interest, the greenback could not sustain and ended lower for buying and selling at Rs 150.50 and Rs 151.80 against the opening trend of Rs 150.70 and Rs 151.95 respectively, local currency dealers said.
Furthermore, the national currency continued downward trend for the third consecutive day against the pound sterling. The pound's buying and selling rates further rose from the Tuesday's closing of Rs 189.00 and Rs 190.30 to Rs 189.50 and Rs 191.00 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained Re. 1 against the rupee at the local currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar opened at Rs 152.50 (buying) and Rs 152.60 (selling) against last rate of Rs 151.50 (buying) and Rs 151.60 (selling). It closed at Rs 152.50 (buying) and Rs 152.60 (selling).
The buying and selling rates of one tola of gold was Rs 72,400 (selling) and Rs 72,000 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.
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