An easier trend persisted on the currency market on Wednesday, as the rupee drifted lower against the dollar in the process of trading, dealers said. The rupee shed one-paisa versus the dollar for buying at Rs 101.86 and it also lost two-paisa for selling at Rs 101.88, dealers said.
INTERBANK MARKET RATES:
OPEN MARKET RATES: The rupee depreciated by 10-paisa in relation to the dollar for buying and selling at Rs 101.90 and Rs 102.10, they said. The local currency also lost 50-paisa in terms of the euro for buying and selling at Rs 115.50 and Rs 115.75, the said. In the third Asian trade, the dollar edged down against the yen on Wednesday after Federal Reserve Chair Janet Yellen suggested the Fed won’t be rushed into kicking off the US interest rate tightening cycle.
In closely watched remarks before the US Senate Banking Committee on Tuesday, Yellen said the Fed is preparing to consider interest rate hikes “on a meeting-by-meeting basis”. The dollar was trading against the Indian rupee at Rs 62.06, the greenback was at 3.6220 in terms of the Malaysian ringgit and the US currency was at 6.2595 against the Chinese yuan.
Open Bid Rs 101.86
Open Offer Rs 101.88
Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
Bid Rate Rs 101.90
Offer Rate Rs 102.10
RUPEE IN LAHORE: The national currency maintained downward slide for another day and remained under pressure against the major currencies including US dollar and British pound on the local currency market on Wednesday.
According to the currency dealers, the dollar resumed trading on a healthy sign and kept on rising following fresh buying. At close of trading, the dollar was ended further lower at Rs 101.90 and Rs 102.15 against Rs 101.75 and Rs 102.00 of Tuesday, respectively, the dealers said.
Similarly, the rupee continued descending move and was further declined against the pound sterling. The pound’s buying and selling rates were improved from overnight closing of Rs 156.75 and Rs 157.00 to Rs 157.25 and Rs 157.50, respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee gained strength against the dollar on the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar opened at Rs 100.75 (buying) and Rs 101 (selling) against same overnight rate. It did not observe further change in the second session and closed at Rs 100.75 (buying) and Rs 101 (selling).
Pound Sterling opened at Rs 152 (buying) and Rs 153 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 152 (buying) and Rs 153 (selling).