KARACHI: On Wednesday, global weakening in USD was reflected in Pakistani markets as well with PKR going below 160 in open market as well after going below 160 in inter-bank market yesterday.

USD continued to go lower as investors moved to riskier assets in higher frequency after positive expectations regarding COVID-19 vaccine and smooth transition to Biden government.

INTER-BANK MARKET RATES: In the inter-bank market, Pakistan Rupee gained 60 paisas for buying and 50 paisas for selling against USD over yesterday's rates closing at 159.20 and 159.40 respectively.

OPEN MARKET RATES: In the open market, PKR gained 70 paisas for buying and 80 paisas for selling over yesterday's rates closing at 159.40 and 159.80 respectively.

Against Euro, PKR gained one rupee for both buying and selling closing at 187.50 and 189 respectively. Against UAE Dirham, PKR gained 55 paisas for buying and 60 paisas for selling closing at 42.90 and 43.15 respectively.

Against Saudi Riyal, PKR gained 50 paisas for buying and selling closing at 41.75 and 42 respectively.

========================Open Bid       Rs 159.40Open Offer     Rs 159.80========================

Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday

========================Bid Rate       Rs 159.20Offer Rate     Rs 159.40========================

RUPEE IN LAHORE: The Pak rupee appreciated its worth versus major currencies including the greenback and the British pound in the local currency market on Wednesday.

Amid lack of buyers' interest in the market, the greenback remained under selling pressure throughout the trading session and ended lower for buying and selling at Rs 159.50 and Rs 160.70 against the overnight closing trend of Rs 160.20 and Rs 161.80 respectively, local currency dealers said.

Similarly, the rupee continued upward journey for the second consecutive day against the pound sterling. Consequently, the pound's buying and selling rates further decreased from Tuesday's closing of Rs 210.30 and Rs 213.00 to Rs 209.50 and Rs 211.30 respectively, they added.

RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 10 paisas against the rupee at the open currency markets of Islamabad and Rawalpindi here on Wednesday.

The dollar opened at Rs 160.60(buying) and Rs160.70(selling) against last rate of Rs 160.50(buying) and Rs160.60(selling).

It closed at Rs 160.60(buying) and Rs160.70(selling).

The buying and selling rates of one tola of gold was Rs. 108,100 (selling) and Rs108,000(buying) at the local Sarafa (gold) markets of twin cities of Islamabad and Rawalpindi.

Copyright Business Recorder, 2020