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The rupee held the overnight firmness in relation to the dollar on the local money market on Wednesday in the process of trading, dealers said.

INTER-BANK MARKET RATES: RATES: The rupee maintained rising trend in terms of the dollar for buying and selling at Rs 154.21 and Rs 154.23 respectively, they said.

OPEN MARKET RATES: The rupee did not move any side in terms of the dollar for buying and selling at Rs 154.00 and Rs 154.30 respectively, they said. The rupee shed 30 paisas against the euro for buying and selling at Rs 170.30 and Rs 172.00 respectively.

In the third Asian trade, the dollar fell to a five-month low versus the yen after an emergency 50 basis point cut in interest rates by the US Federal Reserve was deemed insufficient to offset downside risks posed by the global spread of the coronavirus.

The greenback traded near the lowest in almost two years against the Swiss franc as investors flocked to traditional safe havens.

The euro was one of the currencies to benefit most from the broad-based dollar weakness as traders bet the Fed will cut rates more than the European Central Bank.

Disappointment that a Group of Seven statements on Tuesday did not lay out a specific response to a global slowdown caused by the coronavirus has reinforced the view among some investors that policymakers have fallen behind the curve.

The dollar was trading against the Indian rupee at Rs 73.345, the greenback was available at 4.182 in terms of the Malaysian ringgtit and US currency was at 6.933 versus the Chinese yuan.

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Open Bid Rs 154.00

Open Offer Rs 154.30

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

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Bid Rate Rs 154.21

Offer Rate Rs 154.23

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RUPEE IN LAHORE: The Pak rupee depreciated its day earlier recoveries versus major foreign currencies including the greenback and the British pound in the local currency market on Wednesday.

Amid lack of buyers' interest in the market, the greenback remained under selling pressure throughout the trading session and ended lower for buying and selling at Rs 154.00 and Rs 154.50 against the overnight closing trend of Rs 153.75 and Rs 154.10 respectively, local currency dealers said.

Likewise, the national currency also followed the suit in relation to the pound sterling that was bought and sold at Rs 195.40 and Rs 197.00 against the Tuesday's closing rate of Rs 195.30 and Rs 196.40 respectively, 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 154.40(buying) and Rs 154.45(selling) against same last rate.

It closed at Rs 154.40(buying) and Rs 154.45(selling).

The buying and selling rates of one tola of gold were Rs Rs. 94,900 (selling) and Rs 94,500(buying) in the local Sarafa (gold) markets of twin cities of Islamabad and Rawalpindi.

Copyright Business Recorder, 2020