The rupee depreciated against the dollar on the money market on Thursday in the process of trading, dealers said. The rupee held the overnight levels in terms of the dollar for buying and selling at Rs 104.84 and Rs 104.85, they said.
The dollar index, which measures the greenback against six major rivals, dipped 0.1 percent to 102.96. It has receded from the 103.65 marked on Tuesday, its highest since December 2002.
Still, the dollar's decline was limited as the Federal Reserve signalled more frequent rate hikes in 2017, partly on expectations for faster economic growth under the incoming Trump Administration. While trade is expected to slow down ahead of Christmas, the market's near-term focus is on US economic indicators due Thursday, including revised GDP for July-Sept, durable goods orders for November, and weekly initial jobless claims.
The dollar was trading against the Indian rupee at Rs 67.87, the US currency was at 4.4730 versus the Malaysian ringgit and the Greenback was available at 6.9470 in terms of the Chinese yuan.
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Open Bid Rs.108.30
Open Offer Rs.108.60
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Bid Rate Rs.104.84
Offer Rate Rs.104.85
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According to currency dealers, the US dollar resumed trading on its overnight closing of Rs 108.20 and Rs 108.30 as its buying and selling rates, respectively.
At the close, the dollar lost its worth to Rs 108.15, on the buying counter. However, it registered appreciation and climbed up at Rs 108.60 on the selling counter, they added. Moreover, the local currency showed strength as it recovered its day earlier losses versus the pound sterling.
The pound's buying and selling rates decreased from Wednesday's closing rates of Rs 133.20 and Rs 134.20 to Rs 132.60 and Rs 133.70, respectively, they said.
The dollar resumed trading at Rs 108 (buying) and Rs 108.50 (selling) against last rate of Rs 107 (buying) and Rs 107.50 (selling). It did not observe further change in evening session and closed at Rs 108 (buying) and Rs 108.50 (selling).
Pound Sterling opened at Rs 135 (buying) and Rs 135.10 (selling) against same last week's rate. It did not observe further change in the second session and closed at Rs 135 (buying) and Rs 135.10 (selling).