The rupee almost sustained its levels in relation to the dollar for buying and selling at Rs 110.53 and Rs 110.55 respectively, they said. In the third Asian trade, the dollar extended losses against the yen on Wednesday after the Bank of Japan's move to trim Japanese government bond (JGB) purchases in the previous session triggered speculation that it could begin tapering its massive, ultra-easy monetary stimulus.
INTER-BANK MARKET RATES: Despite some support from higher US yields, the dollar slipped 0.3 percent to 112.31 yen, struggling in the wake of a 0.5 percent drop on Tuesday when Japan's central bank slightly reduced the amount of its JGB purchases in its regular buying operations.
While the move was a technical tweak in line with the central bank's policies to date, it unleashed a wave of speculation that the BOJ could be poised to begin winding down its stimulus.
The dollar earlier slipped as low as 112.17 yen, its lowest since Jan 2.
One would think that with US yields at such high levels, the dollar would be stronger, but investors are adjusting positions, awaiting new factors," said Kumiko Ishikawa, FX analyst at Sony Financial Holdings in Tokyo.
Yields on the 10-year US Treasury note reached a 10-month highs, partly lifted by the BOJ's action.
The dollar was trading against the Indian rupee at Rs 63.675, the greenback was available at 4.008 in terms of the Malaysian ringgit and the US currency was at 6.523 in relation to the Chinese yuan.
OPEN MARKET RATES: The rupee picked up 30 paisas in terms of the dollar for buying and selling at Rs 111.70 and Rs 112.10 respectively, they said.
The rupee, however, lost 50 paisas against the euro for buying and selling at Rs 133.00 and Rs 135.00 respectively, they added.
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Open Bid Rs.111.70
Open Offer Rs.112.10
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
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Bid Rate Rs.110.53
Offer Rate Rs.110.55
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RUPEE IN LAHORE: The Pak rupee managed to recover its day earlier losses in terms of the US dollar in the local currency market on Wednesday.
According to currency dealers, the dollar resumed trading on a negative note die to lack of buyers' interest in the market.
As a result, it ended lower at Rs 111.85 and Rs 112.40 for buying and selling, respectively, as compared to the overnight levels of Rs 112.25 and Rs 112.75 respectively, they added.
The national currency, however, lost 10 paisas against the pound sterling for buying at Rs 150.20. While, it firmly held its opening trend for selling at Rs 151.00, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 25 paisa against rupee at the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar opened at Rs 112.25 (buying) and Rs 112.35 (selling) against last rate of Rs 112 (buying) and Rs 112.10 (selling).
It closed at Rs 112.25 (buying) and Rs 112.35 (selling).