The rupee gained modestly versus the dollar on the inter-bank market, while it was unchanged on the open market on the currency market on Wednesday in the process of trading session, dealers said. The rupee picked up slightly in terms of the dollar for buying and selling at Rs 158.55 and Rs 158.58 respectively, they said.
INTER-BANK MARKET RATES: OPEN MARKET RATES: The rupee did not show any change in relation to the dollar for buying and selling at Rs 158.50 and Rs 159.00 respectively, dealers said. The rupee shed 50 paisas against the euro for buying and selling at Rs 174.00 and Rs 176.00 respectively, they said.
In the third Asian trade, the dollar was under pressure on Wednesday, elbowed off a three-week peak after a bounce in US yields stalled ahead of a global central bankers meeting, at which the Federal Reserve is expected to give clues on further rate cuts.
Officials from major central banks will gather at Jackson Hole, Wyoming, on Friday with markets focused on a scheduled speech by Fed Chair Jerome Powell.
His comments are of particular interest after last week's inversion of the US yield curve - widely regarded as a recession signal - boosted expectations the Fed would lower interest rates at its September policy meeting. Faced with rising risks to the US economy, the central bank in July cut rates for the first time since the financial crisis.
The dollar index against a basket of six major currencies was nearly flat at 98.232 after shedding 0.2% overnight.
The index had climbed to 98.450 on Tuesday, its highest since Aug 1, as US yields bounced from multi-year lows at the week's start on signs global policymakers were ready to step up stimulus support to stave off a steep economic downturn.
The dollar was trading against the Indian rupee at Rs 71.520, the greenback was at 4.171 versus the Malaysian ringgit and the US currency was available at 7.054 in terms of the Chinese yuan.
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Open Bid Rs.158.50
Open Offer Rs.159.00
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
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Bid Rate Rs.158.55
Offer Rate Rs.158.58
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RUPEE IN LAHORE: The Pak rupee stayed unchanged on buying side while it appreciated its worth on selling side in relation to the greenback in the local currency market on Wednesday.
According to currency dealers, the greenback firmly sustained its opening trend for buying at Rs 158.30 whereas it lost 10 paisas and ended lower for selling at Rs 158.90 against the opening rate of Rs 159.00.
Moreover, the local currency failed to sustain its earlier recoveries versus the pound sterling. The pound's buying and selling rates rose from the Tuesday's closing of Rs 189.50 and Rs 191.00 to Rs 190.40 and Rs 191.50 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee recovered 30 paisas against the dollar at the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar opened at Rs 159.20 (buying) and Rs 159.30 (selling) against last rate of Rs 159.50 (buying) and Rs 159.60 (selling). It closed at Rs 159.20 (buying) and Rs 159.30 (selling).
The buying and selling rates of one tola of gold remained as Rs 89,000 (selling) and Rs 89,800 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.
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