Bears persisted on the money market on Monday as the rupee showed weakness in terms of the dollar in the process of trading activity, dealers said. The rupee lost 23 paisas in relation to the US currency for buying and selling at Rs 124.23 and Rs 124.27 respectively, they added.
In the first Asian trade, the dollar sagged on Monday as investor demand for the safe-haven currency receded on optimism over a reduction in US-China trade tensions, with the focus on discussions between the two countries due this week.
The dollar index against a basket of six major currencies was little changed at 96.126 after losing 0.55 percent on Friday.
Escalating trade tensions between the United States and its trading partners, in addition to a plunge in the Turkish lira, has taken a heavy toll on emerging market currencies.
These strains pushed the dollar index to 96.984 last Wednesday, its highest since June 2017.
But the dollar's advance halted ahead of lower-level trade talks between Chinese and US officials in Washington scheduled for Tuesday and Wednesday.
Receding fears over the Turkish lira's late plunge on Friday reduced risk aversion in the broader markets, lifting the euro.
The dollar was trading against the Indian rupee at Rs 70.150, the greenback was available at 4.098 in terms of the Malaysian ringgit and the US currency was at 6.867 versus the Chinese yuan.
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Open Bid Rs.121.70
Open Offer Rs.123.00
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Bid Rate Rs.124.23
Offer Rate Rs.124.27
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Following fluctuating buyers' interest in the market, the greenback continued to move both ways and ended for buying and selling at Rs 120.40 and Rs 122.00 as compared to the last Saturday's closing rates of Rs 120.50 and Rs 121.60, respectively, local currency dealers said.
Furthermore, the national currency stayed unchanged against the pound sterling for buying at Rs 150.70 whereas it appreciated by 50 paisas for selling at Rs 152.50, they added.
The dollar opened at Rs 112.50 (buying) and Rs 122.60 (selling) against last rate of Rs 122 (buying) and Rs 122.10 (selling). It closed at Rs 112.50 (buying) and Rs 122.60 (selling).