The rupee moved cautiously against the dollar on the money market on Wednesday in the process of trading, dealers said.
In the third Asian market, most emerging Asian currencies rose on Wednesday, tracking stronger equities, while a weak Chinese yuan and expectations of an imminent U.S. interest rate hike kept investors from adding bullish bets on regional units.
South Korea's won led regional currencies firmer on exporters' demand for settlements, while the Malaysian ringgit crawled up on higher oil prices and Toyota Motor Corp's near $450 million investment plan.
The dollar was trading against the Indian rupee at Rs 67.57, the US currency was available at 4.1030 in terms of the Malaysian ringgit and the greenback was at 6.5594 versus the Chinese yuan.
========================
Open Bid Rs 105.45
Open Offer Rs 105.70
========================
========================
Bid Rate Rs 104.50
Offer Rate Rs 104.51
========================
According to the currency dealers, the dollar resumed trading at its overnight closing of Rs 105.60 and Rs 106.00 as its buying and selling rates, respectively. The short supply phenomenon helped the greenback to end on higher side at Rs 105.65 on buying counter while its selling rate did not observe any change and closed at the opening level of Rs 106.00, the dealers said.
However, the local currency remained under pressure and depreciated its worth against the British pound. The pound's buying and selling rates further improved from the Tuesday's closing of Rs 152.90 and Rs 153.90 to Rs 153.35 and Rs 154.35, respectively, they added.
The dollar resumed trading at Rs 105.50 (buying) and Rs 106 (selling) against last rate of 105.60 (buying) and Rs 106.10 (selling). It did not observe further change in the last trading hours and closed at Rs 105.50 (buying) and Rs 106 (selling).
Pound Sterling opened at Rs 151.60 (buying) and Rs 152 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 151.60 (buying) and Rs 152 (selling).