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.
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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Bid Rate Rs 154.21
Offer Rate Rs 154.23
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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.
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.