The rupee did not move any side in relation to the dollar on the money market, dealers said on Monday. The rupee was firm against the dollar for buying and selling Rs 115.61 and Rs 115.62, they said.
In the first Asian trade, the dollar's recent rally ran out of steam on Monday with U.S. yields sinking as investors wound back expectations that the U.S. Federal Reserve will launch a series of rapid rate hikes this year.
The dollar index against a basket of six major currencies was down 0.15 percent at 92.402.
The index hit a 4-1/2-month high of 93.416 last Wednesday, as a rise in US Treasury yields highlighted the wide interest rate gap between the United States and other countries.
The dollar was trading against the Indian rupee at Rs 67.283, the greenback was at 3.946 versus the Malaysian ringgit and the US currency was at 6.340 in relation to the Chinese yuan.
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Open Bid Rs.117.30
Open Offer Rs.117.80
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Bid Rate Rs.115.61
Offer Rate Rs.115.62
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The short supply phenomenon of the greenback prevailed throughout the trading session which helped its further appreciation for buying and selling at Rs 117.40 and Rs 117.80 as compared to the last closing rates of Rs 117.20 and Rs 117.75 respectively, local currency dealers said.
Similarly, the local currency also followed the same suit in terms of trading against the pound sterling. Consequently, the pound's buying and selling rates rose from Saturday's closing trend of Rs 157.70 and Rs 158.50 to Rs 158.50 and Rs 159.30, they added.
The dollar opened at Rs 117.50 (buying) and Rs 118 (selling) against same last rate. It closed at Rs 117.50 (buying) and Rs 118 (selling).