The rupee-dollar parity moved both ways on the money market on Wednesday in the process of trading, dealers said. The rupee drifted lower against the dollar for buying and selling at Rs 101.87 and Rs 101.90 respectively, they said.
INTERBANK MARKET RATES: OPEN MARKET RATES: The rupee, however, gained 10-paisa in relation to the dollar for buying and selling at Rs 103.15 and Rs 103.40 respectively, while it shed 15-paisa in relation to the euro for buying and selling at Rs 111.75 and Rs 112.75 respectively, they said.
In the first Asian trade, the dollar hit a three-month high against a basket of major currencies on Monday, after solid US inflation and housing data supported expectations for the Federal Reserve to raise interest rates in coming months.
The greenback is coming off its best weekly performance in about two months, having risen last week after Fed Chair Janet Yellen reiterated that US interest rates will probably be lifted later in the year.
The dollar gained further support from data on Friday that showed US consumer prices rose for a fifth straight month in June, while housing starts jumped and building permits surged to an eight-year high. The dollar was trading against the Indian rupee at Rs 63.54, the greenback was at 3.8060 versus the Malaysian ringgit and the US currency was at 6.209 in relation to the Chinese yuan.
Open Bid Rs 103.15
Open Offer Rs.103.40
Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
Bid Rate Rs.101.87
Offer Rate Rs.101.90
RUPEE IN LAHORE: The rupee on Wednesday remained under pressure and declined against the major currencies, including the US dollar and the British pound.
The rupee remained weak and lost 25-paisa versus the dollar for buying and selling at Rs 103.25 and Rs 103.50 against the last week closing of Rs 103.00 and Rs 103.25, respectively.
The rupee depreciated its worth and nosedived from the last Thursday closing of Rs 159.25 and Rs 160.00 on buying and selling counter to Rs 159.60 and Rs 160.30, respectively.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained firm against the rupee on the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar opened at Rs 102 (buying) and Rs 102.20 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 102 (buying) and Rs 102.20 (selling). Pound Sterling opened at Rs 157 (buying) and Rs 157.50 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 157 (buying) and Rs 157.50 (selling).