The dollar maintained overnight rising trend in terms of the rupee on local currency markets on Wednesday amid increase in greenback demand, dealers said.

OPEN MARKET RATES: The US currency rose the same amount versus the domestic currency for buying and selling at Rs 157.00 and Rs 158.00 respectively, while the rupee sustained the overnight levels against the euro for buying and selling at Rs 174.50 and Rs 176.50 respectively, they said.

In the third Asian trade, the dollar recovered slightly on Tuesday from heavy losses against the yen, the euro, and the Swiss franc due to hopes for US economic stimulus and a bounce in Treasury yields.

The greenback started to grind higher as US stock futures rose after US President Donald Trump said the White House will hold news conference on Tuesday about economic measures in response to the coronavirus outbreak.

US Treasury Secretary Steve Mnuchin also said the White House would hold a meeting with bank executives this week in a sign the US government is preparing to roll out more measures to soften the blow from the spread of the flu-like virus.

However, analysts say it is too early to call a bottom in the dollar, which was pummelled on Monday after a price war between Saudi Arabia and Russia triggered the biggest daily rout in oil prices since the 1991 Gulf War.

The dollar was available at 4.220 versus the Malaysian ringgit and the greenback was at 6.935 in terms of the Chinese yuan.

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Open Bid       Rs 157.00
Open Offer     Rs 158.00
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Bid Rate       Rs 158.40
Offer Rate     Rs 158.50
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The short supply phenomenon of the US dollar prevailed for another day in the market which helped its further appreciation for buying and selling at Rs 155.70 and Rs 157.20 against the previous closing rate of Rs 155.10 and Rs 156.45 respectively, local currency dealers said.

On the other hand, the national currency showed strength as it appreciated its worth versus the pound sterling. At the close, the pound's buying and selling rates declined from the Tuesday's closing of Rs 200.00 and Rs 201.40 to Rs 199.50 and Rs 200.50 respectively, they added.

The dollar opened at Rs 158 (buying) and Rs 158.50 (selling) against last rate of Rs 157 (buying) and Rs 158 (selling). It closed at Rs 158 (buying) and Rs 158.50 (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.