An easier trend persisted on the money market on Wednesday as the rupee continued slide in terms of the dollar owing to rising demand for the US currency, dealers said.
INTER-BANK MARKET RATES: RATES: The rupee slipped by five paisas against the dollar for buying and selling at Rs 155.06 and Rs 155.08 respectively, they said.
OPEN MARKET RATES: The rupee lost 40 paisas versus the dollar for buying at Rs 155.40 and it also fell by 50 paisas for selling Rs 155.80, they said. The rupee, however gained 20 paisas in relation to the euro for buying and selling at Rs 172.50 and Rs 174.20 respectively, they said.
In the third Asian trade, currencies turned volatile on Wednesday as the safe-haven yen first jumped on news of Iranian missile strikes on bases hosting US troops in Iraq, before retreating as investors wagered it would not trigger a wider conflict in the region.
More than a dozen ballistic missiles shot through the night from Iranian territory toward the two Iraqi military bases, the US military said.
Iran's Islamic Revolutionary Guards Corps said they fired them to retaliate for last week's killing of commander Qassem Soleimani, according to a statement on state TV.
That sent the yen to a three-month high, before settling back as the absence of immediate reports of casualties steadied nerves. Twitter posts from both sides playing down the prospect of further escalation also helped calm the currency market.
The dollar was trading against the Indian rupee at Rs 71.990, the greenback was at 4.103 in terms of the Malaysian ringgit and the US currency was available at 6.944 versus the Chinese yuan.
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Open Bid Rs 155.40
Open Offer Rs 155.80
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
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Bid Rate Rs 155.06
Offer Rate Rs 155.08
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RUPEE IN LAHORE: The Pak rupee remained weak and registered decline against the major currencies including the US dollar and British pound in the local currency market on Wednesday.
According to the currency dealers, the dollar resumed trading on a healthy note and kept on rising following fresh demand. At close of trading, the dollar ended higher at Rs 155.50 and Rs 156.00 as its buying and selling rate against the day earlier closing of Rs 155.15 and Rs 155.50, respectively.
Similarly, the rupee remained pressure and depreciated against the Pound Sterling due to buyers' interest. The Pound was traded at Rs 202.50 and Rs 204.50 on buying and selling counter as compared to previous closing of Rs 203.00 and Rs 204.00, respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee gained 5 paisas against the dollar at the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar opened at Rs 155.45 (buying) and Rs 155.50 (selling) against last rate of Rs 155.50 (buying) and Rs 155.55 (selling).
It closed at Rs 155.45 (buying) and Rs 155.50 (selling).
The buying and selling rates of one tola of gold were Rs 91,200 (selling) and Rs 91,000 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.
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