Firmness prevailed on the money market on Thursday as the rupee improved slightly versus the dollar in the process of trading activity, dealers said.
In the fourth Asian trade, the Japanese yen traded near a nine-month low versus the dollar on Thursday as risk appetite improved on expectations that China will continue to take steps to reduce the economic impact of the coronavirus outbreak.
The yuan fell against the dollar in onshore trade after China cut the benchmark loan prime rate to prop up its economy. The rate cut was expected but some investors see more reductions in the near term as the authorities move to further lower financing costs to help companies.
The Australian dollar tumbled to the lowest level in more than a decade as a rise in the unemployment rate fanned expectations for interest rate cuts.
The yen was initially bought as a safe-haven asset when the outbreak of the virus in the central Chinese province of Hubei roiled financial markets last month.
The dollar was available versus the Indian rupee at Rs 71.615, the greenback was trading in terms of the Malaysian ringgit at 4.180, and the US currency at 7.014 against the Chinese yuan.
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Open Bid Rs 154.10
Open Offer Rs 154.40
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Bid Rate Rs 154.23
Offer Rate Rs 154.25
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According to currency dealers, the short supply phenomenon of the greenback prevailed throughout the trading session which helped its appreciation for buying and selling at Rs 154.05 and Rs 154.35 against the overnight closing rate of Rs 153.80 and Rs 154.20 respectively.
On the other hand, the rupee maintained upward trend for the second consecutive day versus the pound sterling. As a result, the pound's buying and selling rates further declined from the Wednesday's closing of Rs 199.20 and Rs 200.40 to Rs 197.40 and Rs 199.50 respectively, they added.
The dollar opened at Rs 154.50 (buying) and Rs 154.60 (selling) against last rate of Rs 154.60 (buying) and Rs 154.70 (selling).
It closed at Rs 154.50 (buying) and Rs 154.60 (selling).
The buying and selling rates of one tola of gold were Rs 91,150 (selling) and Rs 91,000 (buying) in the local Sarafa (gold) markets of twin cities of Islamabad and Rawalpindi.