Little changes were seen in the value of the rupee against the dollar on the money market on Thursday, dealers said. The rupee fell slightly versus the dollar for buying and selling at Rs 156.18 and Rs 156.20 respectively, they said.
In the fourth Asian market, the dollar consolidated on Thursday, staying near multi-week highs against most major currencies while slipping against riskier ones after US President Donald Trump said there could be a trade deal with China soon.
"It's the Trump pump, and it works," said Matt Simpson, senior market analyst at Gain Capital in Singapore. The dollar was trading against the Indian rupee at Rs 71.030, the greenback was at 4.194 in terms of the Malaysian ringgit and the US currency was available at 7.127 versus the Chinese yuan.
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Open Bid Rs.155.80
Open Offer Rs.156.30
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Bid Rate Rs.156.18
Offer Rate Rs.156.20
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According to currency dealers, the short supply phenomenon of the US dollar prevailed throughout the trading session which helped its appreciation for buying and selling at Rs 156.25 and Rs 156.50 against the overnight closing trend of Rs 156.10 and Rs 156.35 respectively.
On the other hand, the local currency continued upward trend for the second consecutive day against the pound sterling. Consequently, the pound's buying and selling rates declined from the Wednesday's closing of Rs 193.50 and Rs 194.40 to Rs 193.00 and Rs 194.00 respectively, they added.
The dollar opened at Rs 156.70 (buying) and Rs 156.80 (selling) against last rate of Rs 156.60 (buying) and Rs 156.70 (selling).
It closed at Rs 156.70 (buying) and Rs 156.80 (selling).
The buying and selling rates of one tola of gold were Rs 69,100 (selling) and Rs 69,000 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.