The rupee managed to recover modestly against the dollar on the money market on Tuesday in the process of business activity, dealers said.
In the second Asian trade, the dollar was shackled on Tuesday by a combination of weak US economic data and gains for commodity-linked currencies such as the Canadian and Australian dollars which drew support from an extended surge in crude oil prices.
The dollar index against a basket of six major currencies inched down 0.05 percent to 97.001 after losing 0.35 percent the previous day, marking its biggest daily decline since March 20.
On top of the pressure from buoyant commodity-linked currencies, the dollar was weighed by data showing US durable goods orders declined in February and a bounce in the euro as investors squared positions ahead of a looming European Central Bank meeting.
The dollar was trading against the Indian rupee at Rs 69.480, the greenback was at 4.094 in terms of the Malaysian ringgit and the US currency was available at 6.714 versus the Chinese yuan.
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Open Bid Rs.142.30
Open Offer Rs.142.70
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Bid Rate Rs.141.37
Offer Rate Rs.141.38
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Following fluctuating demand and supply situation in the market, the greenback moved both ways by 20 paisas and ended for buying and selling at Rs 142.20 and Rs 142.80 against the overnight closing trend of Rs 142.00 and Rs 143.00 respectively, local currency dealers said.
On the other hand, the rupee failed to hold its strength as it registered reduction in its worth versus the pound sterling. The pound's buying and selling rates rose from the Monday's closing of Rs 183.70 and Rs 185.00 to Rs 184.20 and Rs 185.70 respectively, they added.
The dollar opened at Rs 142.20 (buying) and Rs 142.30 (selling) against last rate of Rs 142 (buying) and Rs 142.10 (selling). It closed at Rs 142.20 (buying) and Rs 142.30(selling).
The buying and selling rates of one tola of gold was Rs. 71,200 (selling) and Rs 71,000 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.