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The rupee picked up slightly against the dollar on the local money market on Wednesday in the process of trading activity, dealers said.

INTER-BANK MARKET RATES: The rupee rose by three paisas in terms of the dollar for buying and selling at Rs 156.00 and Rs 156.04 respectively, dealers said.

OPEN MARKET RATES: The rupee was almost unchanged in relation to the dollar for buying and selling at Rs 155.70 and Rs 156.20 respectively, while it shed 30 paisas versus the euro for buying and selling at Rs 171.50 and Rs 173.50 respectively, they added.

In the third Asian trade, the pound pulled back from its highest level in almost five months versus the dollar on Wednesday, erasing some of the rally sparked by signs Britain is closing in on a deal to leave the European Union.

Sterling also pulled back from its highest in five months against the euro as investors took profit and prepared for a make-or-break summit between Britain and the EU on Thursday and Friday.

In Asia, investor focus is back on US-China ties with the yuan falling after Beijing rebuked a new US legislation that takes a hard line against the crackdown on pro-democracy protests in Hong Kong.

In global currency markets, traders are still awaiting the outcome of last-ditch talks that dragged on late into Tuesday night to see whether Britain and the EU can draft an agreement on Brexit before the summit.

The dollar was trading against the Indian rupee at Rs 71.500, the greenback was available at 4.193 in terms of the Malaysian ringgit and the US currency was at 7.095 versus the Chinese yuan.

========================
Open Bid       Rs.155.70
Open Offer     Rs.156.20
========================

Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.

========================
Bid Rate       Rs.156.00
Offer Rate     Rs.156.04
========================

RUPEE IN LAHORE: The Pak rupee-greenback parity stayed unchanged amid sluggish trading activity in the local currency market on Wednesday.

According to currency dealers, the demand and supply situation of the greenback did not observe any change throughout the trading session as it firmly sustained its opening trend for buying and selling at Rs 156.10 and Rs 156.40 respectively.

Moreover, the local currency maintained downward slide for the second consecutive day against the pound sterling. The pound's buying and selling rates further rose from the Tuesday's closing of Rs 196.40 and Rs 197.30 to Rs 197.65 and Rs 198.70 respectively, they added.

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

The dollar opened at Rs 156.45(buying) and Rs 156.55(selling) against last rate of Rs 156.35(buying) and Rs 156.45(selling).

It closed at Rs 156.45(buying) and Rs 156.55(selling).

The buying and selling rates of one tola of gold were Rs. 87,200 (selling) and Rs 87,000 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.

Copyright Business Recorder, 2019