The rupee shrugged off overnight gains against the dollar on the money market on Wednesday in the rocess of trading, dealers said. The rupee slipped by one paisa versus the dollar for buying and selling at Rs 104.86 and Rs 104.87 respectively, dealers said.

INTER-BANK MARKET RATES: In the second Asian trade, the dollar firmed against a basket of currencies as the euro and sterling were pressured by political uncertainties in the UK and eurozone, even as it surrendered ground against the perceived safe-haven yen. The dollar index, which tracks the greenback against a basket of six rival currencies, rose 0.2 percent to 97.659, pulling further away from a 6-1/2-month low of 96.797 plumbed last week. US and UK markets were closed for holidays on Monday, giving investors fewer directional clues to follow.

British Prime Minister Theresa May's lead over the opposition Labour Party dropped to 6 percentage points in a poll published on Tuesday, the latest to show a shrinking lead for the ruling Conservatives ahead of June 8 elections since the Manchester terrorist attack.

Sterling slipped 0.2 percent to $1.2816, moving back toward a three-week low of $1.2775 touched on Friday, while the euro dropped 0.3 percent to 1.1128.

The euro was also on the defensive after former Italian Prime Minister Matteo Renzi said on Sunday that it makes sense "from a European perspective" for Italy's next election be held at the same time as Germany's, scheduled for September. His comments led to a sell-off in Italian government debt on Monday. The dollar was trading against the Indian rupee at Rs 64.650 and the greenback was available at 4.282 in terms of the Malaysian ringgit. Inter bank buy/sell rates for the taka against the dollar on Tuesday: 80.55-80.57 (previous 80.53-80.55).

OPEN MARKET RATES: The rupee shed 10 paisas in terms of the dollar for buying and selling at Rs 105.90 and Rs 106.10 respectively, they said.

The rupee also lost 80 paisas versus the euro for buying and selling at Rs 118.30 and 119.90 respectively, they said.

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Open Bid       Rs.105.90

Open Offer     Rs.106.10

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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.

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Bid Rate       Rs.104.86

Offer Rate     Rs.104.87

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RUPEE IN LAHORE: The Pak rupee failed to keep upward trend in relation to the US dollar in local currency market on Wednesday.

The dollar resumed trading on a positive note amidst short supply phenomenon in the market. Consequently, it's buying and selling rates went up from Tuesday closing rates of Rs 105.60 and Rs 106.10 to Rs 105.80 and Rs 106.15 respectively, currency dealers said.

Furthermore, the local currency stayed unchanged on buying side while it recovered by 20-paisa on selling side versus the pound sterling. The British currency was bought and sold at Rs 135.00 and Rs 135.80 against last closing trend of Rs 135.00 and Rs 136.00 respectively, they added.

RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee did not move any side against the dollar at the open currency markets of Islamabad and Rawalpindi here on Wednesday.

The dollar opened at Rs 105.90 (buying) and Rs 106 (selling) against last rate of Rs 106.05 (buying) and Rs 106.15. It closed at Rs 105.90 (buying) and Rs 106 (selling). Pound Sterling opened at Rs 135 (buying) and Rs 135.50 (selling). It closed at the same rate.-Business Recorder