The rupee has managed to recover sharply against the dollar on Tuesday in process of trading activity, dealers said.
INTER-BANK MARKET RATES: The rupee picked up 50 paisas versus the dollar for buying and selling at Rs 160.05 and Rs 160.10.
OPEN MARKET RATES: The rupee also recovered sharply in relation to the dollar for buying and selling at Rs 159.00 and Rs 160.00, dealers said. The rupee appreciated modestly in terms of the euro for buying and selling at Rs 177.00 and Rs 178.75, they said.
In the second Asian trade, the yen was little changed versus the dollar on Tuesday, trading near a three-week low after the Bank of Japan left monetary policy on hold as expected, and as investors pared expectations for aggressive rate cuts from the US Federal Reserve.
The BOJ left its massive asset purchase programme and forward guidance unchanged at a monetary policy meeting on Tuesday. Governor Haruhiko Kuroda may provide further clues on policy at a press conference from 0630 GMT.
Against a basket of six major currencies, the dollar traded near a two-month high.
The Fed is expected to cut rates by 25 basis points on Wednesday, and investors are watching for clues on whether the move may be a one-off or the first in a series of several cuts, as many traders are anticipating.
The pound hit a new 28-month low early in Asia trade as investors grew increasingly nervous about the prospects of a no-deal Brexit under new British Prime Minister Boris Johnson.
The dollar was trading against the Indian rupee at Rs 68.760 and the greenback was at 6.888 versus the Chinese yuan.
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Open Bid Rs.159.00
Open Offer Rs.160.00
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday.
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Bid Rate Rs.160.05
Offer Rate Rs.160.10
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RUPEE IN LAHORE: The Pak rupee continued upward trend for the second consecutive day against the greenback in the local currency market on Tuesday.
Following lack of buyers' interest in the market, the greenback maintained declining trend for another and ended further lower for buying and selling at Rs 159.10 and Rs 160.20 against the overnight closing rates of Rs 159.60 and Rs 160.30 respectively, local currency dealers said.
Similarly, the rupee also followed the suit but staged significant recovery versus the pound sterling. The pound's buying and selling rates further slid from the Monday's closing of Rs 196.00 and Rs 197.80 to Rs 193.00 and Rs 194.90 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee recovered 20 paisas against the dollar at the open currency markets of Islamabad and Rawalpindi here on Tuesday.
The dollar opened at Rs 160.60(buying) and Rs 160.70 (selling) against last rate of Rs 160.80(buying) and Rs 160.90 (selling).
It closed at Rs 160.60(buying) and Rs 160.70 (selling) in the evening session.
The buying and selling rates of one tola of gold remained as Rs 84,200 (selling) and Rs 83,900 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.
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