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Marginal changes were witnessed on the money market on Wednesday as the rupee moved little against the dollar in the process of trading, dealers said.

INTER-BANK MARKET RATES: RATES: The rupee was inert versus the dollar for buying and selling at Rs 154.24 and Rs 154.26 respectively, they said.

OPEN MARKET RATES: The rupee was unchanged in terms of the dollar for buying at Rs 154.10 and it gained 10 paisas for selling at Rs 154.30, they said. The rupee dropped 70 paisas against the euro for buying and selling at Rs 167.00 and Rs 168.50 respectively, they said.

In the third Asian trade, the dollar nursed losses on Wednesday as rising expectations of a US rate cut and warnings from US health officials about the spread of the coronavirus called into question the perceived strength of US financial assets.

The dollar's index against a basket of six major currencies stood at 99.081, little changed on the day but down 0.9% from a near three-year high of 99.915 hit last week.

Against the yen, the US currency traded at 110.37 yen , gaining 0.1% in Asia on Japanese buying before month-end but still almost two full yen below its 10-month high touched last Thursday.

The euro fetched $1.08815, extending its rebound since it hit near three-year low of $1.0778 on Thursday.

The dollar had risen until last week as investors had regarded the United States as less exposed to the coronavirus and believed its economy more resilient than other major economies, making US assets a safe harbour.

The dollar was trading against the Indian rupee at Rs 71.760, the greenback was at 4.236 in relation to the Malaysian ringgit and the US currency was available at 7.018 versus the Chinese yuan.

========================
Open Bid       Rs 154.10
Open Offer     Rs 154.30
========================

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

========================
Bid Rate       Rs 154.24
Offer Rate     Rs 154.26
========================

RUPEE IN LAHORE: The Pak witnessed divergent trend in process of trading against the American dollar in the open currency market on Wednesday.

Following fluctuating demand and supply situation in the market, the dollar observed volatile trend, but in a narrow range, throughout the trading session and ended for buying and selling at Rs 154.10 and Rs 154.40 against the Tuesday's closing rate of Rs 154.15 and Rs 154.35 respectively, local currency dealers said.

Besides, the rupee gained 25 paisas against the pound sterling for buying and ended at Rs 198.25 against the opening rate of Rs 198.50 whereas it stayed firmed for selling at Rs 199.30, they added.

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

The dollar opened at Rs 154.45(buying) and Rs 154.50(selling) against same last rate.

It closed at Rs 154.45(buying) and Rs 154.50(selling).

The buying and selling rates of one tola of gold were Rs Rs 95,400 (selling) and Rs 95,000(buying) in the local Sarafa (gold) markets of twin cities of Islamabad and Rawalpindi.

Copyright Business Recorder, 2020