The rupee drifted lower against the dollar on the money market on Wednesday in the process of trading, dealers said. The rupee moved slightly versus the dollar for buying and selling at Rs 138.92 and Rs 138.94 respectively, they said.
In the Asian trade, the dollar was down against most of its peers on Wednesday, pressured by a cocktail of negative factors including heightened concerns over a partial US government shutdown and tension between the White House and the Federal Reserve.
Fears of a US and global economic slowdown have sent US 10-year yields tumbling by around 25 basis points in December, adding to the increasing strain on the dollar and further darkening its outlook.
The dollar was trading against the Indian rupee at Rs 69.963, the greenback was at 4.178 in terms of the Malaysian ringgit and the US currency was at 6.889 versus the Chinese yuan.
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Open Bid Rs.138.70
Open Offer Rs.139.20
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Bid Rate Rs.138.92
Offer Rate Rs.138.94
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According to the currency dealers, the dollar resumed trading on a depressed note and remained under selling pressure. At close of trading, the dollar ended lower at Rs 138.00 and Rs 139.10 on buying and selling counter against the previous closing of Rs 138.50 and Rs 139.50, respectively.
However, the rupee showed stability and stayed unchanged against the pound sterling. The pound was traded at its Monday closing of Rs 174.30 and Rs 175.50 on buying and selling side, respectively.
The dollar opened at Rs 138.75 (buying) and Rs 138.85 (selling) against last rate of Rs 139.10 (buying) and Rs 139.20 (selling). It closed at Rs 138.75 (buying) and Rs 138.85 (selling).
The buying and selling rates of one tola of gold was Rs 67,200 (selling) and Rs 67,000 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.