The rupee moved both ways in relation to the dollar on the money market on Thursday in the process of trading, dealers said. The rupee gained two paisas against the dollar for buying and selling at Rs 104.68 and Rs 104.70 respectively.
In the fourth Asian trade, the dollar was broadly firmer, having posted its biggest one-day gain in more than a month as an improvement in global sentiment led investors to trim bearish dollar positions. A surprise policy easing by Singapore's central bank, citing a tougher outlook for economic growth, also boosted regional equities and gave the dollar a lift against that country's currency.
The greenback was up about 0.9 percent at 1.3631 Singapore dollars after the Monetary Authority of Singapore said it will set the rate of appreciation of the currency's nominal effective exchange rate (NEER) policy band at zero percent, starting on Thursday. The dollar was trading against the Indian rupee at Rs 66.64, the greenback was at 3.9010 versus the Malaysian ringgit and the US currency was at 6.4828 in relation to the Chinese yuan.
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Open Bid Rs.105.30
Open Offer Rs.105.50
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Bid Rate Rs.104.68
Offer Rate Rs.104.70
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According to the currency dealers, the dollar resumed trading on a healthy note and kept on rising following fresh demand. As a result, the dollar ended higher at Rs 105.60 and Rs 105.80 on buying and selling side against the Wednesday closing of Rs 105.50 and Rs 105.70, respectively.
On the contrary, the rupee staged recovery and appreciated its worth against the pound sterling. Because of selling pressure, the pound could not sustain and declined from the overnight closing g of Rs 148.70 and Rs 149.85 to Rs 148.10 and Rs 149.00 on buying and selling counter, respectively, the dealers said.
The dollar opened at Rs 106 (buying) and Rs 106.20 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 106 (buying) and Rs 106.20 (selling). Pound Sterling opened at Rs 158 (buying) and Rs 158.50 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 158 (buying) and Rs 158.50 (selling).