THE RUPEE: all-round slide

The rupee fell against the dollar and euro on the local currency market on Wednesday in the process of trading, dealers said. The rupee extended overnight slide versus the dollar, losing five-paisa for buying at Rs 98.85 and it also shed two-paisa for selling at Rs 98.87, they said.

INTER-BANK MARKET RATES: OPEN MARKET RATES: The rupee, in sympathy with the inter-bank market track, lost 15-paisa for buying at Rs 99.50 and fell by 20-paisa for selling at Rs 99.70, while it lost 25-paisa in terms of the euro for buying and selling at Rs 136.25 and Rs 136.50 respectively, they dealers said said.

In the third Asian trade, lower US Treasury yields held the dollar near a 3-1/2 month low against the yen early on Wednesday, with markets looking for potential catalysts from the Bank of Japan’s policy review later in the day.

The dollar dipped 0.1 percent to 101.25 yen, within striking distance of 101.10 hit on Monday, its lowest since February 5. The dollar has shed roughly 1 percent against the yen so far this month, nudged lower by a steady decline in US yields. The dollar was at Rs 58.74 versus the Indian rupee, the greenback was available at 3.2195 in terms of the Malaysian ringgit and the US currency was at 6.2390 in relation to the Chinese yuan.

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

RUPEE IN LAHORE: The Pak rupee maintained downward slide for another day and lost 10-paisa against the US dollar on the local currency market on Wednesday.

According to the currency dealers, the dollar’s demand continued that kept the national currency under pressure. The dollar was improved from overnight closing of Rs 99.30 and Rs 99.55 to Rs 99.40 and Rs 99.65, respectively.

Likewise, the rupee was depreciated against the pound sterling that was traded at Rs 167.25 and Rs 167.50 on buying and selling counter, compared with day earlier closing of Rs 166.75 and Rs 167.00, respectively, the dealers said.

RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar on the open currency markets of Islamabad and Rawalpindi here on Wednesday.

The dollar opened at Rs 98.50 (buying) and Rs 98.60 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 98.50 (buying) and Rs 98.60 (selling).

Pound Sterling opened at Rs 165 (buying) and Rs 165.50 (selling) against same last rate. It closed at the same rate without further change by the end of evening session.