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The dollar crossed highest level against the rupee on the inter-bank market on Wednesday, money experts said.
The dollar hit high level versus the rupee at Rs 162.15 during the day due to strong demand, they said.
INTER-BANK MARKET RATES: RATES: The rupee dropped steeply in relation to the dollar for buying and selling at Rs 161.40 and Rs 161.70 respectively, they said.
Marketmen attributed the increase in the dollar's value to surge in dollar demand versus short supply of US currency.
Hovering fears about the spread of conoravirus, huge payment requirements, fall in discount rate and decline in oil prices were apparent factors behind the rupee's devaluation, money expert said. on Tuesday, the rupee was available versus the dollar at Rs 159.00 and Rs 159.10 respectively, since then the rupee has lost over Rs 2.00 in terms of the greenback, they said, adding that today rate of dollar was floating at demand factor.
In the third Asian trade, the dollar slipped for a third consecutive session on Wednesday, as a deal to backstop the US economy with a huge fiscal stimulus package promised to further ease some of the pandemic-driven skyrocketing demand for hard cash.
US Senate majority leader Mitch McConnell said the package, expected to be worth $2 trillion, had been agreed and would be put to a vote later on Wednesday.
The risk-sensitive Australian dollar jumped over the 60-cent mark for the first time in a week as news of the agreement trickled out, and then extended gains to $0.6047.
The dollar was trading against the Indian rupee at Rs 75.880, the US currency was at 4.410 in terms of the Malaysian ringgit and the greenback was at 7.054 versus the Chinese yuan.

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

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Bid Rate       Rs 161.40
Offer Rate     Rs 161.70
========================

RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained Rs 3 against the rupee on the open currency markets of Islamabad and Rawalpindi, here on Wednesday.
The dollar opened at Rs 161 (buying) and Rs 161.10 (selling) against last rate of Rs 158 (buying) and Rs 158.10 (selling).
It closed at Rs 161 (buying) and Rs 161.10 (selling).
The buying and selling rates of one tola of gold were Rs 95,700 and Rs 95,500 (buying) in the local Sarafa (gold) markets of twin cities of Islamabad and Rawalpindi.

Copyright Business Recorder, 2020