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Rising trend was witnessed on the money market on Wednesday as the rupee managed to gain modestly against the dollar in the process of trading activity, dealers said.

INTER-BANK MARKET RATES: RATES: The rupee picked up seven paisas versus the dollar for buying and selling at Rs 154.33 and Rs 154.37 respectively, they said.

OPEN MARKET RATES: The rupee after maintaining a firm trend for a long time in terms of the dollar, tended higher, gaining 10 paisas for buying and selling at Rs 154.20 and Rs 154.50 respectively, they said. However, the rupee depreciated by 20 paisas in terms of the euro for buying and selling at Rs 168.00 and Rs 169.50 respectively, they said.

In the third Asian trade, trade-exposed Asian currencies edged ahead on Wednesday, buoyed by optimism that the spread of coronavirus had slowed, while the kiwi leapt after the central bank dropped its easing bias.

Across mainland China there were 2,015 new confirmed infections as of Tuesday, the lowest daily rise since Jan. 30. China's senior medical adviser also said the outbreak might be over by April.

That news had currency markets stabilising after a steep selldown of China-exposed assets. The US dollar, which had soaked up safe-haven flows as worries about the virus coincided with strong economic data, handed back some gains.

The Australian dollar, sensitive to China's fortunes because of Australia's commodity-driven export profile, firmed 0.3% to $0.6728. China's yuan was modestly stronger and the safe-haven Japanese yen was a little softer.

The dollar was trading against the Indian rupee at Rs 71.240, the greenback was at 4.135 versus the Malaysian ringgi and the US currency was available at 6.960 in relation to the Chinese yuan.

========================
Open Bid       Rs 154.20
Open Offer     Rs 154.50
========================

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

========================
Bid Rate       Rs 154.33
Offer Rate     Rs 154.37
========================

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

According to currency dealers, the short supply phenomenon of the greenback prevailed throughout the trading session which helped its appreciation for buying and selling at Rs 154.30 and Rs 154.60 against the overnight closing rate of Rs 154.20 and Rs 154.45 respectively.

Likewise, the national currency also followed the suit in relation to the pound sterling that was bought and sold at Rs 199.20 and Rs 200.00 against the Tuesday's closing trend of Rs 198.15 and Rs 199.00 respectively, they added.

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

The dollar opened at Rs 154.60 (buying) and Rs 154.70(selling) against last rate of Rs 154.70(buying) and Rs 154.80 (selling).

It closed at Rs 154.60(buying) and Rs 154.70(selling).

The buying and selling rates of one tola of gold were Rs 91,500 (selling) and Rs 91,200 (buying) in the local Sarafa (gold) markets of twin cities of Islamabad and Rawalpindi.

Copyright Business Recorder, 2020