The rupee showed downward trend against the dollar in the process of trading activity on Wednesday, dealers said. The rupee lost four paisas versus the greenback for both buying and selling at Rs 157.28 and Rs 157.30 respectively, they said.
INTER-BANK MARKET RATES: OPEN MARKET RATES: The rupee also dropped by 10 paisas against the dollar for buying and selling at Rs 157.10 and Rs 157.60 respectively, dealers said. The rupee remained unchanged for buying at Rs 173.50 and but gained 30 paisas for selling at Rs 175.20 against the euro and respectively, they said.
In the third Asian trade, the yen stood tall against its peers on Wednesday, with an inversion of the US yield curve stoking recession worries and keeping the safe-haven Japanese currency in demand.
"It remains to be seen how accurately the US yield curve inversion reflects economic conditions. But it does prompt speculators to reduce dollar positions and increase their bets on the yen," said Mitsuo Imaizumi, chief forex strategist at Daiwa Securities.
The dollar was trading against the Indian rupee at Rs 71.613, the US currency was at 4.209 versus the Malaysian ringgit and the greenback was available at 7.158 in terms of the Chinese yuan.
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Open Bid Rs 157.10
Open Offer Rs 157.60
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
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Bid Rate Rs 157.28
Offer Rate Rs 157.30
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RUPEE IN LAHORE: The Pak rupee recovered its earlier losses versus the greenback on the local currency market on Wednesday.
Following lack of buyers' interest in the market, the greenback could not sustain and ended lower for buying and selling at Rs 157.20 and Rs 157.50 against the opening trend of Rs 157.35 and Rs 157.90 respectively, local currency dealers said.
Furthermore, the rupee witnessed divergent trend as it moved both ways in relation to the pound sterling. The British currency was bought and sold at Rs 191.00 and Rs 192.50 against the Tuesday's closing rates of Rs 191.25 and Rs 192.30 respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 30 paisas against the rupee on the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar opened at Rs 158 (buying) and Rs 158.10 (selling) against last rate of Rs 157.70 (buying) and Rs 157.80 (selling).
It closed at Rs 158 (buying) and Rs 158.10 (selling).
The buying and selling rates of one tola of gold were Rs. 89,000 (selling) and Rs 88,500 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.
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