Falling trend persisted on the money market on Wednesday as the rupee failed to come out of the wood versus the dollar in the process of trading activity, money experts said. The rupee shed two paisas in terms of the dollar for buying and selling at Rs 115.61 and Rs 115.62 respectively, they said.
The dollar fell 0.1 percent to 106.50 yen, giving back some of the gains made on Tuesday, when it rose 0.6 percent against the Japanese currency.
The greenback gained on the yen the day before as risk appetite improved and Wall Street's main indexes advanced, helping the US currency stabilise after recent declines. Considered a safe haven currency, the yen attracts demand in times of economic uncertainty and vice versa.
The outlook for the dollar remains clouded by global trade tensions. The Trump administration on Tuesday raised the stakes in a growing trade showdown with China, announcing 25 percent tariffs on some 1,300 industrial technology, transport and medical products to try to force changes in Beijing's intellectual property practices.
The dollar was trading against the Indian rupee at Rs 64.900, the greenback was at 3.863 in terms of the Malaysian ringgit and the US currency was available at 6.291 versus the Chinese yuan.
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Open Bid Rs.116.10
Open Offer Rs.116.50
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Bid Rate Rs.115.61
Offer Rate Rs.115.62
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According to currency dealers, the greenback resumed trading on its overnight closing of Rs 116.10 and Rs 116.55 as its buying and selling rates, respectively. At the close, it firmly held its opening trend for buying at Rs 116.10. However, it rose marginally by five paisas for selling at Rs 116.60, they added.
In addition, the national currency failed to sustain as it registered reduction versus the pound sterling. Resultantly, the pound's buying and selling rates improved from Tuesday's closing of Rs 161.40 and Rs 162.30 to Rs 161.60 and Rs 162.50 respectively, they said.
The dollar opened at Rs 115.70 (buying) and Rs 115.80 (buying) against same last rate. It closed at Rs 115.70 (buying) and Rs 115.80 (buying).