Firmness prevailed on the money market on Thursday as the rupee did not fluctuate sharply against the dollar in process of trading, dealers said. The rupee held the overnight levels against the dollar for buying and selling at Rs 104.79 and 104.80 respectively, dealer said.
In the fourth Asian trade, the dollar was range-bound in illiquid Asian trade on Thursday as major currencies continued to tread water ahead of the global central bankers' gathering in Jackson Hole, Wyoming, at which Federal Reserve Chair Janet Yellen may offer new clues on US monetary policy.
Fed officials including Vice Chairman Stanley Fischer and New York Fed President William Dudley have recently prompted some investors to raise their bets that the Fed is poised to hike rates again sooner rather than later, and some predict Yellen to echo their signals. The dollar was available against the Indian rupee at Rs 67.08, the US currency was trading versus the Malaysian ringgit at 4.0300 and the greenback at 6.6568 in terms of the Chinese yuan.
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Open Bid Rs 106.00
Open Offer Rs 106.20
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Bid Rate Rs 104.79
Offer Rate Rs 104.80
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According to the currency dealers, the dollar commenced trading on a healthy sign and keeping on rising following fresh demand. At close, the dollar ended higher at Rs 106.05 and Rs 106.40 on buying and selling side against the overnight closing of Rs 106.00 and Rs 106.23, respectively.
The rupee also remained under pressure and depreciated its worth against the pound sterling that was purchased and sold at Rs 138.85 and Rs 139.80 as compared with the Wednesday closing of Rs 138.60 and Rs 139.35, respectively, the dealers added.
The dollar opened at Rs 104.50 (buying) and Rs 105 (selling) against same last rate. It did not observe further change in evening session and closed at Rs 104.50 (buying) and Rs 105 (selling).
Pound Sterling opened at Rs 137.50 (buying) and Rs 138 (selling). It did not observe further change in the second session and closed at Rs 137.50 (buying) and Rs 138 (selling) by the end of second session.