The rupee maintained overnight levels against the dollar on the currency market on Wednesday in the process of trading activity, dealers said.
INTER-BANK MARKET RATES: RATES: The rupee held its levels versus the dollar for buying and selling at Rs 158.40 and Rs 158.50 respectively, they said.
OPEN MARKET RATES: The rupee did not show any change in terms of the greenback for buying and selling at Rs 157.50 and Rs 158.50 respectively, they said. The rupee continued slide, shedding more 50 paisas against the euro for buying and selling at Rs 172.00 and Rs 176.00 respectively, they said.
In the third Asian trade, the safe-haven yen gained sharply, but the dollar held onto hefty overnight gains against other currencies on Wednesday, as fears over the coronavirus pandemic kept markets frazzled despite massive injections of liquidity by central banks.
The yen rose 0.8% to 106.80 per dollar with a flight to safety in the Asia afternoon as stock markets around the region extended losses.
The pound and euro were ahead, but struggled to win back more than a fraction of the ground ceded to the dollar on Tuesday. The Aussie and kiwi languished below 60 cents.
Markets have crumbled this month as investors liquidated nearly everything for cash-driving up the dollar's value and the cost of borrowing the greenback abroad.
The dollar was trading against the Indian rupee at Rs 74.168, the US currency was at 4.355 in terms of the Malaysian ringgit and the greenback was at 7.019 versus the Chinese yuan.
Open Bid Rs 157.50
Open Offer Rs 158.50
Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
Bid Rate Rs 158.40
Offer Rate Rs 158.50
RUPEE IN LAHORE: The Pak rupee drastically declined its worth in process of trading against the greenback in the local 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 157.00 and Rs 157.90 against the overnight closing trend of Rs 156.20 and Rs 156.90 respectively.
Furthermore, the national currency lost Re 1 against the pound sterling for buying and ended at Rs 188.50 against the opening rate of Rs 187.50 whereas it did not witness any change for selling at Rs 191.50, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 50 paisas against the rupee at the open currency markets of Islamabad and Rawalpindi here on Wednesday. The dollar opened at Rs 159.50 (buying) and Rs 159.60 (selling) against last rate of Rs 159 (buying) and Rs 159.10 (selling). The buying and selling rates of one tola of gold were Rs 98,700 (selling) and Rs 98,500 (buying) in the local Sarafa (gold) markets of twin cities of Islamabad and Rawalpindi.