The rupee was modestly higher against the dollar on the local currency market, dealers said on Wednesday. The rupee gained 11-paisa in relation to the dollar for buying and selling at Rs 105.37 and Rs 105.39 respectively, dealers said.

INTERBANK MARKET RATES: OPEN MARKET RATES: The rupee held its levels for the second day against the dollar for buying and selling at Rs 105.85 and Rs 105.95 respectively, while it shed 10-paisa versus the euro for buying and selling at Rs 145.60 and Rs 145.85, they said.

In the third Asian trade, the dollar gained on the euro and the yen after Turkey's sharp interest rate hike eased some fears about capital flight from emerging markets and as the US Federal Reserve geared up to scale back its stimulus further. Higher-risk currencies such as the Australian dollar rallied after Turkey stunned markets with a massive rate hike.

The dollar was trading against the Indian rupee at Rs 62.25, the greenback was at 3.3300 in terms of the Malaysian ringgit and the US currency was at 6.0536 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Wednesday: 77.75-77.75 (77.75-77.75). Call Money Rates: 06.25-08.00 percent (previous 06.00-08.00 percent).

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Open Bid       Rs 105.37
Open Offer     Rs 105.39
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INTERBANK CLOSING RATES: Interbank Closing Rates For Dollar on Wednesday.

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Bid Rate       Rs 105.85
Offer Rate     Rs 105.95
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RUPESS IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged on the open currency markets of Islamabad and Rawalpindi here on Wednesday.

The dollar opened at Rs 106 for buying and Rs 106.25 for selling against last rate. It did not observe further change in the second session and closed at Rs 106 for buying and Rs 106.25 for selling.Pound Sterling opened at Rs 173 for buying and Rs 173.50 for selling against same last rate. Itclosed at the same rate without further change by the end of evening session.

Source: Business Recorder