INTER-BANK MARKET RATES: OPEN MARKET RATES: The rupee halted further erosion in its value versus the dollar for buying and selling at Rs 106.40 and Rs 106.60 respectively, they said; however it gained 50 paisas in terms of the euro for buying at Rs 114.00 and it also rose by rupee one for selling Rs 115.00, they said.
In the third Asian trade, the dollar struggled near a four-month low against the yen as a bout of investor risk aversion hit US stocks and sent US Treasury yields sharply lower, eroding the greenback's interest rate allure. The US currency was off 0.1 percent at 111.670 yen after plumbing 111.430, its lowest since November 28. The dollar also nursed large losses against the euro. On Wednesday, the common currency was a touch weaker at $1.0794 after surging 0.6 percent overnight to $1.0819, its highest since February 2.
"A key factor behind the latest currency developments was the big drop in US equities. The question now is whether equities will keep falling," said Shin Kadota, senior strategist at Barclays in Tokyo. The dollar index against a basket of major currencies was little changed at 99.849 after retreating to a 1-1/2-month low of 99.642 overnight. "The dollar has already fallen significantly, and technical factors and a further tumble in shares would be needed for it to decline further," said Shusuke Yamada, forex strategist at Bank of America Merrill Lynch in Tokyo. The dollar was trading against the Indian rupee at Rs 65.458, the US currency was at 4.423 in terms of the Malaysian ringgit and the greenback was available at 6.886 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Wednesday: 79.62-79.63 (previous 79.59-79.60).
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Open Bid Rs.106.40
Open Offer Rs.106.60
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
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Bid Rate Rs.104.85
Offer Rate Rs.104.86
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RUPEE IN LAHORE: The Pakistani rupee showed mixed patterns as it moved both ways against the US dollar on the local currency market on Wednesday.
According to currency dealers, the US dollar resumed trading on mixed pattern amidst divergent trend in the market. Consequently, the dollar was traded at Rs 106.45 and Rs 106.65 on buying and selling counters, respectively, as compared to the overnight closing rates of Rs 106.40 and Rs 106.70 respectively, they added.
Furthermore, the local currency remained under pressure for the second consecutive versus the pound sterling. The pound's buying and selling rates further rose from Tuesday's closing rates of Rs 131.20 and Rs 132.10 to Rs 131.55 and Rs 132.50 respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi here on Wednesday. The dollar opened at Rs 106 (buying) and Rs 106.50 (selling). It closed at the same rates. Pound Sterling opened at Rs 130 (buying) and Rs 131.50 (selling). It closed at the same rate.