The rupee did not move sharply against the dollar on the money market on Wednesday in the process of trading, dealers said. The rupee rose by five paisas in relation to the dollar for buying and selling at Rs 133.99 and Rs 134.00 respectively, dealers said.
In the third Asian trade, the dollar held near two-week highs on Wednesday, as concerns about Sino-US trade tensions propped up safe haven currencies and as investors awaited cues from the US Federal Reserve on the path of future interest rate increases. The dollar has been under pressure in recent weeks on signs the Fed might slow the pace of future rate increases due to slowing global growth, peak corporate earnings and escalating trade tensions.
The dollar index, a gauge of its value versus six major peers, traded at 97.38 having risen for three sessions in a row. It is just below this year's high of 97.69.
The dollar was available in relation to the Indian rupee at Rs 70.640, the US currency was available at 4.193 in terms of the Malaysian ringgit and greenback was at 6.954 versus the Chinese yuan.
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Open Bid Rs.135.00
Open Offer Rs.135.40
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Bid Rate Rs.133.99
Offer Rate Rs.134.00
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According to currency dealers, the US dollar gained 30 paisas and ended higher for buying at Rs 134.80 against the overnight closing rate of Rs 134.50 whereas it firmly held its opening trend for selling at Rs 135.40.
Furthermore, the rupee failed to hold its earlier recoveries as it registered reduction versus the pound sterling. The pound's buying and selling rates rose from Tuesday's closing of Rs 171.50 and Rs 172.50 to Rs 171.80 and Rs 173.00 respectively, they added.
The dollar opened at Rs 135 (buying) and Rs 135.05 (selling) against last rate of Rs 134.95 (buying) and Rs 135 (selling). It closed at Rs 135 (buying) and Rs 135.05(selling).
The buying and selling rates of one tola of gold were Rs 63,300 (selling) and Rs 63,200 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.