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The rupee showed divergent trend in relation to the dollar on the local money market on Wednesday, dealers said.

INTER-BANK MARKET RATES: RATES: The rupee maintained an upward trend versus the dollar for buying and selling at Rs 154.40 and Rs 154.70 respectively, they said. The rupee picked up 30 paisas against the euro for buying and selling at Rs 170.20 and Rs 171.70 respectively, they said.

OPEN MARKET RATES: The rupee did not move any side in terms of the dollar for buying and selling at Rs 154.97 and Rs 154.99 respectively, they said.

In the third Asian trade, the British pound slipped on Wednesday after a poll showed a narrowing lead for Prime Minister Boris Johnson's Conservative Party in an election scheduled for later in the week, while US dollar movement looked to the Federal Reserve's policy meeting.

Investors were also focusing on whether US President Donald Trump will impose tariffs on nearly $160 billion worth of Chinese consumer goods from Dec. 15.

Investors have generally believed the US tariffs would be at least postponed to salvage a trade deal with China. Sterling fell to as low as $1.3107 and last stood down 0.1% at $1.3140, giving back about a cent after hitting an 8 1/2-month high of $1.3215 on Tuesday.

It also slipped to 0.8449 pound per euro, off its 2 1/2-year high of 0.8394 touched earlier this week. On the yen, it changed hands at 142.79 yen, down from Tuesday's seven-month high around 143.39.

The dollar was trading against the Indian rupee at Rs 70.800, the US currency was at 4.160 in terms of the Malaysian ringgit and the greenback was available at 7.038 versus the Chinese yuan.

========================
Open Bid       Rs 154.40
Open Offer     Rs 154.70
========================

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

========================
Bid Rate       Rs 154.97
Offer Rate     Rs 154.99
========================

RUPEE IN LAHORE: The Pak rupee appreciated its worth versus major foreign currencies including the greenback and the British pound in the open currency market on Wednesday.

Following lack of buyers' interest in the market, the greenback failed to sustain its day earlier recoveries as it ended lower for buying and selling at Rs 154.20 and Rs 155.00 against the overnight closing trend of Rs 154.20 and Rs 155.00 respectively, local currency dealers said.

Similarly, the national currency also followed the suit in relation to the pound sterling which bought and sold at Rs 201.50 and Rs 202.30 against the Tuesday's closing rate of Rs 201.80 and Rs 202.80 respectively, they added.

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

The dollar opened at Rs 155 (buying) and Rs 155.10 (selling) against last rate of Rs 154.90 (buying) and Rs 155 (selling).

It closed at Rs 155 (buying) and Rs 155.10 (selling). The buying and selling rates of one tola of gold were Rs. 85,500 (selling) and Rs 85,200 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.

Copyright Business Recorder, 2019