The rupee showed downward trend against the dollar in the process of trading activity on Wednesday, dealers said. The rupee lost four paisas versus the greenback for both buying and selling at Rs 157.28 and Rs 157.30 respectively, they said.
In the third Asian trade, the yen stood tall against its peers on Wednesday, with an inversion of the US yield curve stoking recession worries and keeping the safe-haven Japanese currency in demand.
"It remains to be seen how accurately the US yield curve inversion reflects economic conditions. But it does prompt speculators to reduce dollar positions and increase their bets on the yen," said Mitsuo Imaizumi, chief forex strategist at Daiwa Securities.
The dollar was trading against the Indian rupee at Rs 71.613, the US currency was at 4.209 versus the Malaysian ringgit and the greenback was available at 7.158 in terms of the Chinese yuan.
========================
Open Bid Rs 157.10
Open Offer Rs 157.60
========================
========================
Bid Rate Rs 157.28
Offer Rate Rs 157.30
========================
Following lack of buyers' interest in the market, the greenback could not sustain and ended lower for buying and selling at Rs 157.20 and Rs 157.50 against the opening trend of Rs 157.35 and Rs 157.90 respectively, local currency dealers said.
Furthermore, the rupee witnessed divergent trend as it moved both ways in relation to the pound sterling. The British currency was bought and sold at Rs 191.00 and Rs 192.50 against the Tuesday's closing rates of Rs 191.25 and Rs 192.30 respectively, they added.
The dollar opened at Rs 158 (buying) and Rs 158.10 (selling) against last rate of Rs 157.70 (buying) and Rs 157.80 (selling).
It closed at Rs 158 (buying) and Rs 158.10 (selling).
The buying and selling rates of one tola of gold were Rs. 89,000 (selling) and Rs 88,500 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.