The rupee managed to gain modestly against the dollar on the money market on Tuesday in the process of trading, dealers said. The rupee inched up versus the dollar for buying and selling at Rs 138.88 and Rs 138.90 respectively, they said.
The dollar index fell marginally to 95.64. It dipped 0.1 percent against the yen and eased marginally versus the euro and sterling in early Asian trade.
On Friday, Fed Chairman Jerome Powell told the American Economic Association the Fed is not on a preset path of rate hikes and it will be sensitive to the downside risks markets are pricing in.
On Monday, Powell's colleague Raphael Bostic, the Atlanta Fed President, added to the central bank's dovish tone. Bostic, who is not a voting member of the Federal Open market Committee this year, said the Fed may only need to raise rates once in 2019.
The dollar was trading against the Indian rupee at Rs 70.105, the greenback was available at 4.109 versus the Malaysian ringgit and the US currency was at 6.857 in terms of the Chinese yuan.
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Open Bid Rs.138.60
Open Offer Rs.139.00
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Bid Rate Rs.138.88
Offer Rate Rs.138.90
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The dollar resumed its trading on a healthy note and kept on rising following fresh demand throughout the day. At close of trading, the dollar ended higher at Rs 138.50 and Rs 139.20 on buying and selling side against the overnight closing of Rs 138.10 and Rs 139.00, respectively.
Similarly, the local currency stayed weak and declined against the pound sterling that was purchased and sold at Rs 175.50 and Rs 176.80 as compared to the day earlier closing of Rs 175.30 and Rs 176.50, respectively.
The dollar opened at Rs 138.85(buying) and Rs 139.05(selling) against last rate of Rs 138.80(buying) and Rs 138.90 (selling). It closed at Rs 138.85(buying) and Rs 139.05(selling).
The buying and selling rates of one tola of gold was Rs 67,800(selling) and Rs 67,5000(buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.