The rupee showed slight variations against the dollar on the money market on Tuesday in the process of trading, dealers said.
In the second Asian trade, the yen plumbed eight-month lows while China's yuan climbed to its highest level since July on Tuesday, as the US Treasury Department reversed its decision in August to designate China as a currency manipulator.
The announcement came as Chinese Vice Premier Liu He arrived in Washington ahead of Wednesday's signing with US President Donald Trump of a preliminary trade agreement aimed at easing tensions between the two countries.
"Washington's decision to lift its designation of currency manipulator on China has added to the positive mood that has been already in place ahead of the signing of the trade deal," said Minori Uchida, chief currency strategist at MUFG Bank.
People familiar with the negotiations said that although the manipulator designation had no real consequences for Beijing, its removal was an important symbol of goodwill for Chinese officials.
The dollar rose as much as 0.25% to 110.22 yen, its highest since late May against the safe-haven Japanese currency. It last stood at 110.04 yen, capped at a technical resistance from Bollinger band around 110.22.
China's yuan climbed to its highest level since July on Tuesday and the Japanese yen plumbed eight-month lows as the US Treasury Department reversed its decision in August to designate China as a currency manipulator.
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Open Bid Rs 154.70
Open Offer Rs 155.00
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Bid Rate Rs 154.83
Offer Rate Rs 154.85
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According to currency dealers, the demand and supply situation of the greenback did not observe any witness throughout the trading session as it firmly sustained its opening trend for buying and selling at Rs 154.75 and Rs 155.10 respectively.
Moreover, the national currency observed divergent trend as it moved both ways in relation to the pound sterling. The British currency was bought and sold at Rs 200.20 and Rs 201.30 against the Monday's closing rate of Rs 200.10 and Rs 202.00 respectively, they added.
The dollar opened at Rs 155.25(buying) and Rs 155.30(selling) against last rate of Rs 155.30(buying) and Rs 155.35(selling).
It closed at Rs 155.25(buying) and Rs 155.30(selling).
The buying and selling rates of one tola of gold were Rs 89,200 (selling) and Rs 89,000(buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.