The rupee moved both ways against the dollar on the money market on Thursday in the process of trading, dealers said.
In the fourth Asian trade, the dollar started the New Year where it left the old one, on the back foot as investors wagered US economic outperformance might be drawing to a close as optimism on trade brightens the outlook for growth globally.
Signs of progress in the Sino-US trade dispute undermined the dollar for much of December, leaving its index down 1.9% on the month. It was up just a fraction on Thursday at 96.546 having touched a six-month trough ahead of the holidays.
The euro held at $1.1215, after gaining 1.8% in December to reach its highest since early August. It now looks set to challenge the August peak at $1.1249.
The dollar eased further on the Chinese yuan after shedding 1% last month to stand at 6.9630. It was also finely poised on the yen at 108.68, just a whisker from the December lows and major support around 108.40.
The dollar was trading against the Indian rupee at Rs 71.333, the US currency was available versus the Malaysian ringgit at 4.085 and the greenback was at 6.964 in terms of the Chinese yuan.
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Open Bid Rs 154.70
Open Offer Rs 155.10
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Bid Rate Rs 154.90
Offer Rate Rs 154.95
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According to currency dealers, the short supply phenomenon the greenback prevailed throughout the trading session which helped its appreciation for buying and selling at Rs 154.50 and Rs 155.00 against the overnight closing rate of Rs 154.20 and Rs 154.90 respectively.
Moreover, the national currency witnessed divergent trend as it moved both ways in relation to the pound sterling. The British currency was bought and sold at Rs 202.55 and Rs 203.30 against the Wednesday's closing trend of Rs 202.20 and Rs 203.60 respectively, they added.
The dollar opened at Rs 155(buying) and Rs 155.10(selling) against last rate of Rs 155.20(buying) and Rs 155.30(selling).
It closed at Rs 155(buying) and Rs 155.10(selling).
The buying and selling rates of one tola of gold were Rs 84,400 (selling) and Rs 84,200 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.