The rupee crossed Rs 119 level against the dollar on the local money market on Wednesday, dealers said. Some experts said that in the morning the rupee hit Rs 119.70 due to strong demand for the dollar. In the meeting of country's all money changers, measures discussed to keep a balance between the demand and supply position of the dollar, said president of the Forex Association of Pakistan (FAP), Malik Bostan. It was also decided to keep the rupee at a reasonable level, he added.
In the third Asian trade, the dollar inched up on Wednesday, approaching its recent four-month high as the US 10-year bond yield poked above 3 percent to hit its highest level since early 2014.
The dollar index against a basket of six major currencies rose 0.1 percent to 90.844. It had climbed overnight to 91.016, highest since Jan. 12, before a slide in Wall Street stocks tempered investor risk appetite and slowed the greenback's rally against its peers, notably the yen.
The greenback had risen without pause through much of the past week as US-China trade conflict woes receded and allowed the market to turn its attention back to dollar-supportive fundamentals, notably the surge by US yields.
The dollar was trading against the Indian rupee at Rs 66.665, the greenback was at 3.908 in terms of the Malaysian ringgit and the US currency was available at 6.308 versus the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Wednesday: 82.98-82.98 (Previous 82.98-82.98).

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Open Bid       Rs.118.60
Open Offer     Rs.118.90
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Bid Rate       Rs.115.62
Offer Rate     Rs.115.63
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