The rupee moved both ways in relation to the dollar on the money market on Thursday in the process of trading, dealers said. The rupee managed to hold overnight levels versus the US currency for buying and selling at Rs 124.24 and Rs 124.25 respectively, they added.
In the fourth Asian trade, the dollar sagged on Thursday as the pound led a bounce in European currencies, although skittish emerging market currencies and global trade concerns limited the greenback's losses.
"The dollar continues to face residual pressure from the buoyant pound amid the latest speculation over Brexit. How long this lift could last remains to be seen, but it is prompting buy backs of other European currencies like the euro and Swiss franc for now," said Takuya Kanda, general manager at Gaitame.com Research.
The dollar index against a basket of six major currencies stood at 95.009, down 0.2 percent. It shed nearly 0.3 percent overnight, nudging away from a two-week high.
The dollar was trading against the Indian rupee at Rs 71.895, the greenback was at 4.146 in terms of the Malaysian ringgit and the US currency was available at 6.837 versus the Chinese yuan.
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Open Bid Rs.124.20
Open Offer Rs.124.60
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Bid Rate Rs.124.24
Offer Rate Rs.124.25
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According to currency dealers, the greenback did not observe any change as it firmly maintained its opening trend for buying at Rs 124.10 whereas it depreciated by 20 paisas for selling at Rs 124.80 against overnight closing rate of Rs 125.00.
Moreover, the national currency failed to hold its earlier recoveries versus the pound sterling. The pound's buying and selling rates slid from Wednesday's closing of Rs 158.00 and Rs 159.00 to Rs 159.15 and Rs 160.40 respectively, they added.
The dollar opened at Rs 124.50 (buying) and Rs 124.60 (selling) against last rate of Rs 123.50 (buying) and Rs 123.60 (selling). It closed at Rs 124.50 (buying) and Rs 124.60 (selling).