The rupee moved cautiously against the dollar on the money market on Wednesday in the process of trading activity, dealers said.
INTER-BANK MARKET RATES: RATES: The rupee dropped six paisas versus the dollar for buying at Rs 154.26 and it also shed three paisas for selling Rs 154.28, they said.
OPEN MARKET RATES: The rupee was unchanged in terms of the dollar for buying and selling at Rs 154.10 and Rs 154.40 respectively, they said. The rupee gained 50 paisas in terms of the euro for buying and selling at Rs 165.80 and Rs 167.30, they said.
In the third Asian trade, the dollar stood tall over the languishing euro and heavily sold exporter currencies on Wednesday, as investors reckoned with a deepening economic fallout from the coronavirus.
The new coronavirus has caused 2,004 deaths in China and infected more than 74,000 people, while measures to contain it have paralysed the economy and the supply chains it feeds.
Apple Inc has warned it will probably miss its March quarter sales guidance amid disrupted production and shopping habits. Car makers are idling plants for lack of parts.
The yield curve between US three-month bills and 10-year notes inverted overnight, a bearish economic signal, and German investor confidence slumped as its economy stagnates, sending the euro cheaper than $1.08 for the first time since 2017.
The dollar was trading against the Malaysian ringgit at 4.158 and the greenback was available at 7.007 in terms of the Chinese yuan.
======================== Open Bid Rs 154.10 Open Offer Rs 154.40 ========================
Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
======================== Bid Rate Rs 154.26 Offer Rate Rs 154.28 ========================
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 greenback did not observe any change in its demand and supply situation throughout the trading session as it firmly ended at its opening trend for buying and selling at Rs 153.80 and Rs 154.20 respectively.
Moreover, the local currency appreciated its worth in relation to the pound sterling. Consequently, the pound's buying and selling rates declined from the Tuesday's closing of Rs 199.50 and Rs 200.50 to Rs 199.20 and Rs 200.40 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 154.60(buying) and Rs 154.70(selling) against last rate of Rs 154.50(buying) and Rs 154.60(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 91,150 (selling) and Rs 91,000(buying) in the local Sarafa (gold) markets of twin cities of Islamabad and Rawalpindi.